Korean exports of pharmaceutical products, which had been on the rise, have stagnated.

According to the Korean International Trade Association, monthly exports of medicinal and pharmaceutical products (SITC 54) in April amounted to $531.85 million, up 3.5% YoY.

It has continued to grow for 20 consecutive months since August 2019, but its growth has fallen to a single-digit in 16 months since December of the same year.

The 3.5% growth rate is the lowest in 17 months since the 1.1% recorded in December 2019, and monthly exports are also the lowest in 13 months since April last year’s $513.69 million.

Earlier, exports of pharmaceutical products have been increasing since January of last year when the COVID-19 pandemic broke.

In particular, when COVID-19 began to spread outside of East Asia, including South Korea, the United States, and Europe since March 2020, monthly exports exceeded $500 million for the first time, and in December 2020, it surpassed the $1 billion mark.

Accordingly, it achieved a monthly surplus for the first time in September 2020 since the SITC 54 code was compiled and the first quarter surplus in 4Q.

This year, pharmaceutical products had a quarterly surplus once again, maintaining a steady growth of more than $700 million in exports per month and exceeding 50% YoY until March. 

However, as the COVID-19 pandemic enters its first year, the growth decreased significantly, and exports have fallen to around $500 million for the first time this year as vaccinations have been expanded.

On the other hand, imports of pharmaceutical products rose 8.4% YoY to $700 million, resulting in a deficit exceeding $200 million.

It had been 13 months since March last year that the monthly trade deficit of medicinal and pharmaceutical products has exceeded $200 million.

The 4-month cumulative trade balance also recorded a deficit of $47.79 million, but compared to the same period last year ($935.86 million), the deficit is still only one-twentieth.

Hyeokgi Lee, Newsmp(newsmp@newsmp.com) 다른기사 보기