Last year's drug trade deficit was the largest ever

Exports fell 23% last year to $6.3 billion

Imports Surpassed $10 billion

Vaccine exports hit an all-time high, but have been on the decline since the second half of the year.

 

Last year, pharmaceutical exports fell 23% year-on-year.

 

The export performance of medicines, which had been on a high march for two years from 2020 to 2021, is gradually returning to the previous year's level as the global spread of COVID-19 subsides.

 

Drug imports exceeded $10 billion for the first time last year.

 

The drug trade deficit soared to more than $4 billion as pharmaceutical exports plunged and import performance increased slightly.

 

Vaccines, a representative COVID-19 beneficiary item, also recorded the highest version ever last year, but monthly, the decline has been evident since the second half of the year.

 

Drug exports in the last 10 years (US$ million, data and customs office)

According to the Korea Customs Service on the 16th, Korea's drug exports last year amounted to 6.27421 billion dollars compared to $8.12144 billion in 2021, which decreased by 22.7%.

 

Domestic drug exports steadily increased until 2021.

 

In particular, exports had increased steeply since 2020 when COVID-19 began to spread around the world.

 

Drug exports rose vertically from $3.695.9 billion in 2019 to $6.8935 billion in 2020.

 

In 2022, it increased further to $8.12144 billion.

 

In other words, it has increased 2.2 times in two years when the pandemic is prolonged.

 

However, since the second half of last year, the spread of global COVID-19 has gradually subsided, leading to a decrease in domestic drug exports.

 

In particular, as the end of the year approaches, exports are clearly decreasing.

 

Exports, which averaged $584 million in the first quarter of last year, fell to $446 million in the fourth quarter.

 

It is the first time since the first quarter of 2020, just before the spread of the COVID-19 crisis that the average monthly drug exports reached the $400 million range.

 

Drug imports topped $10 billion for the first time.

 

Last year, pharmaceutical imports amounted to USD 10.27534 billion, an increase of 4.5% from the previous year.

 

While pharmaceutical exports plunged, imports increased slightly, widening the drug trade deficit to the largest ever.

 

Last year, the drug trade balance recorded a deficit of $4.0113 billion.

 

It is the largest since $3.211 billion in 2014.

 

Drug imports in the last 10 years (US$ million, Data and Customs Service)

◆K-Vaccine Achieves Highest Export Performance Ever…a sharp drop in the second half of the year Following 2021, vaccines contributed to exports last year.

 

Last year, domestic vaccine exports amounted to 941.12 million dollars up 81.5% from the previous year.

 

Vaccines also account for a significant increase in total drug exports.

 

Until 2020, the proportion of vaccine exports was only 2.5%, but in 2021, it more than doubled to 6.4%.

 

Last year it rose further to 15.0%.

 

Exports of domestic vaccines have surged since December 2021.

 

Novavax and Moderna vaccines produced by SK Bioscience and Samsung Biologics have begun to be exported in earnest.

 

Last year, exports averaged nearly 130 million dollars in the first half of the year.

 

However, since the second half of last year, exports of vaccines have decreased significantly.

 

The average monthly vaccine exports in the second half of last year were only $27 million.

 

Analysts say that it has returned to a similar level to before the consignment production of the COVID-19 vaccine.

 

As the global COVID-19 vaccination rate decreases, exports of domestic vaccines are also expected to remain at the previous year's level.