[Newsmp] Bio-health industry exports turned to a negative growth trend in the second half when the endemic began while increasing steeply due to the global spread of omicron.
According to the Ministry of Trade, Industry and Energy, monthly exports of the bio-health industry fell 0.02% year-on-year to $1.232 billion in August and remained negative for the second month in a row.
The increase in exports of the bio-health sector, which maintained double digits until May this year, declined to a single digit in June to 3.8%.
At the beginning of the second half, it recorded a negative growth rate of 12.2%, greeting the second half with a contrary atmosphere from the first half. However, the negative growth decreased significantly in August but failed to avoid the negative growth trend.
Despite the increase in biosimilar exports, the diagnostic kits exports, which had driven the increase in exports, declined slightly due to a decrease in demand, the Ministry of Trade, Industry and Energy said.
Moreover, it is pointed out that as the endemic trend has settled, exports of vaccines and diagnostic kits are steadily decreasing, with the pressure on falling drug prices.
However, exports of pharmaceuticals have increased remarkably. Monthly exports amounted to $897 million, a 45.6% increase compared to the same period last year.
Meanwhile, it was previously reported that pharmaceuticals exports in July were $763 million, up 18.8% from the same period last year, but this was revised to $605 million in the August report, down 5.9% from the same period last year.
This changed the atmosphere in a month from maintaining double-digit growth until July to June.
The cumulative eight-month exports of the bio-health industry increased by 13.6% from the same period last year to $11.646 billion, remaining at double-digit growth, of which pharmaceuticals rose by 27.7% to $683.4 million, more than twice of growth of the bio-health.
