Trade surplus in pharmaceutical products for two consecutive months and quarters 

Pharmaceutical exports are skyrocketing.

The growth declined slightly due to the base effect last year, but it is still growing more than 50%.

In addition, the monthly trade balance continued surplus for two straight months, and the quarterly trade balance also recorded positive for two consecutive quarters.

According to the Korea International Trade Association, monthly exports of medicinal and pharmaceutical products (SITC 54) amounted to $880.91 million in March, up 50.4% YoY.

Although the growth had slowed slightly from 80% in November last year, it has still maintained a high growth of more than 50%.

Furthermore, monthly exports surpassed $800 million for the second time after the record high of $1.02 billion in December last year.

Exports in 1Q also surged 70.7% YoY to $2.393 billion, down slightly from 90% of 4Q, but the volume increased more than $100 million.

Along with exports, imports jumped dramatically as well. Monthly imports of medicinal and pharmaceutical products, which fell to the $500 million mark in February, soared to an all-time high of $851.24 million in March.

However, the increase was 6.4% compared to the same period of the previous year, which did not exceed one digit. The quarterly exports rose only 2.8%, and the volume was $2.20084 billion, less than $2.258 billion in the 4Q of last year.

Meanwhile, the trade surplus fell sharply to $29.67 million in March from $170.93 million in February as both imports and exports exceeded $800 million.

Nevertheless, for the first time in history, it recorded a surplus for two consecutive months (the surplus recorded in November last year was corrected to a deficit at later final figures).

Although the surplus decreased in March, the quarterly surplus increased slightly from $8.63 million in 4Q of last year to $192.9 million and maintained the surplus for two consecutive quarters for the first time.