In the first half of 2022, exports of health products such as Korean medicine, medical equipment and cosmetics reached a record high. COVID-19 diagnostic reagents and vaccines boost exports.
According to the Korea Health Industry Development Institute (KHIDI), the industry’s exports totaled $13.35 billion in the first half of this year. That figure was up 8.5% from $12.3 billion in the year-ago quarter and was the highest half-year result ever. It recorded over $13.15 billion in the second half of 2021.
By industry, pharmaceutical exports totaled US$4.35 billion, up 45.0% from US$3.0 billion in the same period in 2021. Exports of medical devices amounted to USD 4.93 billion, up 5.2% year on year. Due to quarantine in China, cosmetics exports fell by 11.9% to $4.06 billion.
Growth in pharmaceutical exports was driven by biopharmaceuticals and vaccines. Exports of biopharmaceuticals amounted to $1.68 billion, while exports of vaccines amounted to $780 million. Both account for 56.4% of all pharmaceutical exports. In particular, exports of vaccines increased by 490.8% year-on-year due to the expansion of exports of vaccines against COVID-19 produced under contract manufacturing.
In the field of medical devices, diagnostic reagents account for the largest share, reaching $2.48 billion, up 2.8% from the same period in 2021. In addition, shipments of ultrasound imaging equipment ($390 million), implants ($340 million) and X-ray equipment ($330 million) continued to grow, mainly in the US and China.
Post time: Aug-23-2022