10-months cumulative surplus of $891.29 million, ↓7.9%
The growth rate of exports of diagnostic reagents turned negative.
This is because exports, which had increased sharply for a year since the COVID-19 pandemic, have decreased significantly since April as the base effect has been added to vaccinations.
Exports of diagnostic reagents (HS3822) in October amounted to $155.39 million, down 34.8% year-on-year and 20.6% from the previous month, according to the data from the Korea Customs Service.
Exports of diagnostic reagents have increased steeply since March last year and exceeded $300 million in December, but have been fluctuating between $100 million this year.
Particularly in April, a year after the pandemic, it recorded a negative growth rate of more than 40%.
The negative rate decreased, and the growth rate again exceeded 40% in July, but it has been declining again since August.
As a result, 10-month cumulative exports also fell to $1.614 billion, down to 3.1% year-on-year, and are on the verge of a negative growth trend.
Meanwhile, imports of diagnostic reagents are steadily growing. Imports rose 4.5% year-on-year to $78.61 million in October.
However, the growth rate has recently remained around 5% for the second consecutive month, out of the double-digit that has been doing on for 18 months since March of last year.
Nevertheless, the cumulative 10-month imports are $723.59 million, an increase of 20.9% year-on-year, maintaining a growth rate exceeding 20%.
The trade surplus also shrank as exports plunged amid a steady increase in imports.
The trade balance plummeted 52.9% year-on-year to $76.78 million in October and fell below $100 million again in four months since June.
It has been in surplus for 19 consecutive months since April last year, but its 10-month cumulative surplus fell 7.9% year-on-year to $89.129 million, and the growth rate turned negative.
