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Exports of diagnostic reagents in the black for 18th straight month
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Exports of diagnostic reagents in the black for 18th straight month
  • Hyeokgi Lee, Newsmp
  • 승인 2021.10.18 18:16
  • 댓글 0
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September exports $195.75 million, down 31.6% YoY
Trade surplus of $126.02 million, down 42.8% YoY

Exports of diagnostic regents have returned to the $119 million mark. However, the decrease was even greater compared to the same period last year.

According to the data from the Korea Customs Service, exports of diagnostic reagents (HS3822) plunged 31.6% YoY to $195.75 million in September.

Exports of $195.75 million are the second-highest of the year after $198.1 million in July, but the decline is also the second-largest after -43.6% in April.

Korea’s exports of diagnostic reagents did not exceed $30 million until February last year but rose sharply to the $200 million level in April last year when the COVID-19 pandemic began.

It stayed at $130 million to $180 million until August then surpassed $200 million again to September, and exceeded the $300 million mark in December.

As COVID-19 vaccination started at the end of last year around the U.S. and Europe, exports of diagnostic reagents began to decrease and have not surpassed the $200 million mark even once this year.

However, the exports have recovered from the decline for the third consecutive month and exceeded $190 million per month again after entering the third quarter.

Since exports of diagnostic reagents have increased significantly since September of last year, the growth rate from the same period of the previous year was rather negative due to the base effect.

In particular, as it recorded a negative growth rate of over 30% in September, the cumulative exports growth rate, which exceeded 20% until August, also fell to single digits (9.7%). (The cumulative export value for nine months was $1.4579 billion)

Imports of diagnostic reagents have continued to grow for 20 consecutive months since February last year, but their growth compared to the same period last year was only 5.6%, falling to a single digit for the first time in 19 months since February last year.

The cumulative nine-month imports amounted to $645.11 million, less than half of the export value, but jumped 23.3% YoY.

The monthly trade balance has been in the black for 18 consecutive months since April last year with a surplus of $126.2 million, but the surplus plunged 42.8% YoY.

As a result, the cumulative surplus for nine months was $812.82 million, an increase of 1.0% YoY.
 


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