Exports of diagnostic reagents increased by 22% in the first half in Korea, 22% surplus

The cumulative exports of diagnostic reagents in the first half of the year increased by more than 20% YoY, and the surplus also rose 16%.

According to the Korea Customs Service, the cumulative exports of diagnostic reagents (HS3822) in the first half of 2021 was $887.68 million, up 21.93% from the same period of the previous year.

During the same period, imports also increased 29.00% to $427.65 million, but the trade surplus expanded 16.02% from $396.5 million to $466.4 million.

However, the growth in the first half was mainly contributed by the first quarter’s performance and showed a slight slump in the second quarter.

In the first quarter, exports of diagnostic reagents amounted to $447.9 million, up 316.33% from the first quarter of last year before the spread of COVID-19 worldwide.

However, in the second quarter, exports were not significantly reduced compared to the first quarter but fell 29.1% YoY. This is due to the rapid increase in exports of diagnostic reagents as COVID-19 spread worldwide in the second quarter of last year.

As the COVID-19 vaccination has been implemented this year, the exports of diagnostic reagents have decreased a little.

Although it peaked in December last year with more than $300 million in monthly exports, it has not yet surpassed $200 million per month this year until June.

Particularly, it has been showing a contraction for three consecutive months since April, when the second quarter began.

Monthly exports also remained at the $140 million level for the third consecutive month, but the surplus has been decreasing slightly every month, with the surplus also shrinking slightly between $70 and $80 million.

Meanwhile, the decrease in exports of diagnostic reagents is gradually improving from 43.6% in April to 21.7% in May and 14.4% in June.