[Newsmp] Exports in the biohealth sector including pharmaceuticals, which had gradually declined since their peak in December, have surged.
According to the Ministry of Commerce Industry and Energy, Korea’s total exports in March reached $63.48 billion, an increase of 18.2% year-on-year and a record high in monthly exports.
The average daily exports also recorded $2.76 billion, exceeding $2.7 billion for the first time. However, the trade balance made a slight deficit due to the unprecedented surge in energy prices and the Ukraine crisis.
The biohealth sector recorded $1.852 billion in exports, up 24.2% year-on-year.
Although the biohealth exports fell short of the previous growth rate of 30.0% in January or 24.7% in February, it is comparable to the record high of $1.892 billion recorded in December last year.
In January and February, growth was 30.0% and 24.7% year-on-year, higher than in March, but decreased significantly from December to $1.676 billion and $1.583 billion.
However, in March, it surged by about $27 million from February and returned to the $1.8 billion mark after three months.
The Ministry of Commerce Industry and Energy explained that it has achieved the second-largest monthly record due to the surge in orders for self-test kits and exports of vaccines and therapeutics as the spread of new mutations of COVID-19 expanded.
Exports by region counted until the 23rd were $250 million, a 161.0% increase for the U.S., Asia a 117.6% increase of $170 million, and Japan a 78.6% increase of $1.2 million.
Meanwhile, pharmaceutical products are classified as the top five consumer products chosen by the government of Korea, and its March exports surged 71.6% year-on-year to $1.458 billion. Both the size and growth rate are the highest among the top five consumer products.
Pharmaceuticals exports also exceeded $1 billion for the first time in December last year as exports of COVID-19 vaccines increased.
Nevertheless, despite growth rates of 34.9% in January and 24.4% in February year-on-year, monthly exports were $987 million and $917 million, down from the previous month for two consecutive months.
However, in March, the increase soared to 70% compared to the same period last year, and the monthly exports exceeded $1.4 billion for the first time and almost reached the $1.5 billion mark.
In addition, the average monthly exports in the first quarter exceeded $1 billion for the first time due to good performance in March and even surpassed $1.096 billion in December.
