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Korea’s exports of pharmaceutical products to Germany surge, $1.5 billion for 8 months
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Korea’s exports of pharmaceutical products to Germany surge, $1.5 billion for 8 months
  • Hyeokgi Lee, Newsmp
  • 승인 2021.09.29 22:37
  • 댓글 0
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Surplus to Germany $186.38 million → $703.18 million
Imports from Belgium $144.57 million → $610.83 million

Korea’s exports of pharmaceutical products to Germany have increased significantly, exceeding $1.5 billion for 8 months.

On the other hand, as imports from Belgium rose sharply, Korea became the second-largest trade deficit country in pharmaceutical products after the United States.

According to the data from the Korea Customs Service, Korea’s 8-months cumulative exports of pharmaceutical products (HS30) jumped 32.9% YoY to $5.32 billion.

Imports also rose 15.8% to $6.299 billion during the same period, but the deficit decreased by more than 40%, from $1.231 billion to $754.1 million.

Exports have increased remarkably, but the aspect of the top export countries has not changed much.

While Germany and the United States ranked first and second, Turkey and Japan remained in the top five in third and fourth places.

However, there was a big difference in export volume. In particular, exports to Germany amounted to $1.518 billion, exceeding $1.5 billion in 8 months.

This is a 60% increase from $941.72 million in the same period of the last year, and Germany is the only country to exceed $1 billion in exports of pharmaceutical products.

Exports to the United States rose only 4.7% to $536.29 million, but exports to Japan surged more than 30% to $310.14 million, surpassing $300 million in 8 months.

On the other hand, exports to Turkey plunged 42.6% from $441.1 million to $240.71 million, but Turkey remained in the top five.

In the meantime, exports to the Netherlands jumped nearly 250% from $65.74 million to $228.79 million, up from 12th to 5th.

Exports to China also increased by nearly 16%, approaching $200 million, while 8-months cumulative exports to Belgium, Vietnam, Singapore, Brazil, Hungary, Thailand, and Slovakia exceeded $100 million.

Particularly, exports to Singapore surged 455%, from $22.44 million last year to $124.58 million this year.

In terms of imports, the United States still accounted for the largest portion. In the past 8 months, Korea imported $11.589 billion, up 15.1% YoY.

Imports from Germany also rose 8.0% to the $800 million mark from $755.34 million to $815.8 million.

Followed by Germany, Belgium’s imports advanced more than 300% from $144.57 million to $610.83 million, exceeding $500 million.

Korea recorded $300 million imports in Switzerland, Ireland, France, and Japan, $200 million in China, the United Kingdom, Italy, and Puerto Rico, and more than $100 million from Tukey, Spain, Sweden, Greece, and Singapore.

Meanwhile, imports from Germany rose over 8% to more than $800 million, but thanks to exports exceeding $1.5 billion, the surplus surged nearly 300%, from $186.38 million to $731.8 million.

Following Germany, Korea achieved a surplus of $165 million in the Netherlands and $156.6 million in Vietnam.

The surplus volume of pharmaceutical products with the Netherlands increased by nearly 800% YoY, and Vietnam also rose by more than 70%.

In addition, Korea achieved a surplus of more than $100 million in Brazil, Thailand, Hungary, and Slovakia.

Nevertheless, the trade surplus for pharmaceutical products with the United States gained 25.8%, from $495.06 million to $622.66 million.

Moreover, Korea recorded a deficit of $433.99 million with Belgium, which had a surplus of $60.38 million for 8 months last year.

Korea left a deficit of $326.5 million with Ireland, $287.5 million with France, $270.26 million for Switzerland, and $217.31 million for Brazil.

Besides, Puerto Rico, Italy, Spain, Sweden, and China also posted a deficit of more than $100 million.


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