Retail sales of pharmaceuticals expanded in January, but the record-breaking streak stopped.
According to data compiled by Statistics Korea, monthly retail sales stood at KRW 2.86 trillion in January, maintaining the KRW 2 trillion mark for the ninth consecutive month since it surpassed KRW 2 trillion for the first time in May last year.
However, record-breaking, which had continued for four months since September last year, was suspended, as it fell short of November and December when it exceeded KRW 2.2 trillion.
Nevertheless, the growth rate compared to the same period last year was 19.2%, up from -9.0% in February last year to -2.1% in March, increasing for the 11th consecutive month from the previous month, and almost reached the 20% level.
Last year, pharmaceuticals retail sales started on a negative growth trend in the aftermath of the third wave of the COVID-19.
Retail sales fluctuated every month at KRW 1.9 trillion, but in January last year, it started at KRW 1.843 trillion, less than the lowest of KRW 1.8493 trillion in 2020. The figure fell 2.9% year-on-year.
Furthermore, in February, monthly retail sales fell to KRW 1.7427 trillion, expanding negative growth to 9.0%.
In March, the value recovered to KRW 1.8907 trillion, but negative growth continued, and in April, it returned to KRW 1.9 trillion in four months to KRW 1.9251 trillion but failed to escape negative growth.
Nevertheless, retail sales of pharmaceuticals, which had reduced negative growth for the second consecutive month in March and April, surpassed the KRW 2 trillion mark for the first time in May and knuckled down to an uptrend.
Pharmaceutical retail sales began to increase due to the demand for antipyretics following the COVID-19 vaccination and entered double digits growth in August last year as growth expanded and continued to rise for 11 consecutive months to 19.2% in January.
Retail sales have also steadily increased during the same period, expanding their value every month from the previous month, except for two times, August and January last year.
Meanwhile, even though there was a Lunar New Year holiday in February, the demand for common cold medicine increased significantly due to the expansion of new semester and home care, as well as the base effect, the growth of pharmaceuticals retail sales is expected to extend further.
