[Newsmp] There is a dissimilarity in the trade balance between pharmaceutical products (HS30) and diagnostic reagents (HS3822).
While the deficit of pharmaceutical products has decreased significantly in July, diagnostic reagents have shrunk in surplus.
This year, exports of pharmaceutical products, including medicines, continued to see a pullback for the seventh month in a row. In particular, it recorded double-digit negative growth for three consecutive months in the first quarter.
In the second quarter, the negative growth rate showed a decrease, but since June, the rate has risen to double digits again.
On the other hand, the imports of pharmaceutical products maintained to increase in double digits throughout the first half of the year due to the aftermath of the introduction of the COVID-19 vaccines and oral treatments.
Notably, the growth continued by more than 40% in the three months from February to April, and the increase reached 26% in May and June compared to the same period last year.
This brought about a trade deficit of $2.2 billion in the first half of last year alone, surpassing the annual deficit of $2 billion last year.
However, in July, the deficit of pharmaceutical products contracted compared to the previous six months, creating a different atmosphere.
Exports still fell more than 10% from the same period last year, but imports plunged 25.8% to $632.29 million, the lowest level of the year.
It was the first time this year that monthly imports of pharmaceutical products fell from the same period last year, and the monthly deficit also dropped to $76.57 million, falling below $10.000.
While the pharmaceutical products deficit soared, the diagnostic reagents that had accumulated surplus slowed down.
Diagnostic reagents saw a significant increase in exports in the first half of last year, while the increase in imports remained at a single digit, widening the surplus.
In particular, cumulative exports in the first half exceeded $2.6 billion owing to a growth rate of around 300% for three consecutive months in the first quarter, up nearly 200% from the same period last year.
On the other hand, imports also increased 4.9% to $448.82 million during the same period, but the trade balance surged 371% to surpass $2.1 billion due to such a large increase in exports. The figure is equivalent to the deficit of pharmaceutical products over the same period.
However, in July, exports of diagnostic reagents fell 49.7% from the same period last year to $100 million, recording a negative growth rate for the first time this year.
Imports of diagnostic reagents also decreased by 12.0%, indicating the lowest level for the year, but the monthly trade surplus fell 72.0% to $ 35.23 million, falling below $10,000 for the first time this year.
