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Pharmaceutical export volume posts a historic surplus
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Pharmaceutical export volume posts a historic surplus
  • Hyeokgi Lee, Newsmp
  • 승인 2020.10.19 14:08
  • 댓글 0
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$746.05 million in September… 93.6%↑ YoY
Trade balance ran +KRW392.1 billion (USD 343.2 million)… the first surplus after 1991

The trade balance of medicinal and pharmaceutical products (SITC 54) has reached its first surplus after WHO declared the COVID-19 pandemic.

Korea International Trade Association said the export volume of medicinal and pharmaceutical products jumped 93.6% YoY to $746.05 million in September, surpassing $700 million for the first time.

▲ The trade balance of medicinal and pharmaceutical products (SITC 54) has reached its first surplus after WHO declared the COVID-19 pandemic.
▲ The trade balance of medicinal and pharmaceutical products (SITC 54) has reached its first surplus after WHO declared the COVID-19 pandemic.

Exports of medicinal and pharmaceutical, which exceeded $600 million at a 99.5% growth rate in May, have risen again in four months, coming to $700 million. 

The growth rate swung back to 90% in September after retreated from 56.0% in June, 73.6% in July, and 86.6% in August.

Consequently, the export volume of pharmaceutical products in Q3 also soared 85.2% YoY to $1.87 billion, achieving $600 million for average monthly export performance.  

The cumulative export volume for nine months reached $4,999.68 million, and the growth rate ballooned to 62.6%, with over 80% of Q3.

Import volume is also on the rise. Its medicinal and pharmaceutical declined slightly YoY in July but returned to $7685, up 25.8% in September.

In Q3, import volume rose 11.9% to $2061.28 million, back to double digits, while nine-month import volume also gained 13.2% to $6.3 billion. 

Although medicinal and pharmaceutical import volume expanded, the trade balance posted a surplus for the first time after SITC 54 in 1991.

The pharmaceutical trade deficit seemed to miss the opportunity to turn a profit in May, but it tumbled to $27.67 million and finally stayed in the black in September.

The cumulative quarterly deficit is also sharply decreasing from $729.34 million in Q1 to $397.4 million in Q2, and $108.25 million in Q3, down 77.9% YoY.

The cumulative loss for nine-month nearly dropped 50% to $1.31 billion as well.
 


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