Korea’s exports of diagnostic reagent plunge 21.7%, negative growth for two consecutive months

Exports of diagnostic reagents, which had been growing since the outbreak of the COVID-19 pandemic, fell for the second straight month.

According to the data from the Korea Customs Service, monthly exports of diagnostic reagents plummeted 21.7% YoY to $147.3 million in May.

Although the growth has slowed as one year has passed since the COVID-19 outbreak, the diagnostic reagents had maintained exports of more than $100 million and a surplus for 14 consecutive months since April last year.

For the accumulated period of January to May this year, exports of diagnostic reagents were up about 30% (32.7%) YoY to $745.03 million.

Imports of diagnostic reagents have steadily been moving around $70 million to $68.85 million. The cumulative five-month imports amounted to $359.41 million, a similar increase (33.3%) to exports.

Meanwhile, the trade balance, which had topped $100 million for six consecutive months from August last year until January, has fallen below $100 million since February. In May, it remained at the $70 million mark for the third straight month at $77.45 million.

Nevertheless, the five-month cumulative surplus is $385.63 million, up 32.2% YoY, continuing to be similar to the increase in exports and imports.