South Korea’s exports of pharmaceutical products have continued to grow more than 50% for six consecutive months.
However, the trade balance, which recorded a surplus (based on SITC 54) for the first time in September, turned to a deficit in one month.
According to the Korean International Trade Association, exports of pharmaceutical products surged 53.4%, $623.19 million in October YoY.
Although the growth remained at the lowest level in six months since it soared from 16.5% in April to 99.5% in May, it keeps growing above 50% for half a year.
October’s exports also fell short of September, which exceeded $700 million, but surpassed $600 million for the third time after $629.53 million in May and $746.06 million in July.
Due to this, the cumulative exports for the 10-month amounted to $5.614 billion, up 61.7% YoY, maintaining a growth over 60%.
Imports of medicaments also rose by 14.5% to $749.08 million YoY, recording double-digit growth for three consecutive months.
Even so, the trade balance turned a loss from a profit of $39.06 million in September to $12.589 million. However, the deficit was reduced by 49.8% YoY.
The 10-month cumulative imports advanced 13.4% to $751.18 million, posting a $1.436 billion deficit despite a 61.7% surge in exports over the same period. This is 47.7% down YoY.
