Breaking USD 700 million for three months in a row… With a deficit of USD 7.03 million, a surplus ended
Pharmaceutical exports continued to grow nearly 80% in January.
January’s exports of medicinal and pharmaceutical products (SITC 54) reached USD 752.51 million, up 79.9% YoY, the Korea International Trade Association said.
With a growth rate exceeding 50% for nine consecutive months since April of last year, it has achieved exports of over USD 500 million for eleven months since February.
However, it was not as much as USD 1 billion in December of last year, and it maintained high growth, recording exports exceeding USD 700 million for three consecutive months.
Exports rose 6.5% YoY to USD 759.53 million and have been on and off about USD 750 million since October last year.
On the other hand, the trade balance, which had been in the black for two consecutive months in November and December last year, has returned to the red.
The pharmaceutical trade balance reached a surplus in September last year (based on SITC 54) and expanded to USD 300 million in December, marking the first quarterly and half-year surplus.
In January, however, the deficit reached USD 7.03 million, down nearly 98% YoY, and failed to achieve a surplus.