Pharmaceutical exports fall 19% this year

Germany, Japan, China’s market for exports reduced

Exports in January-April fall from $2.69 billion to $2.19 billion

Imports rise from $2.535 billion to $3.6 billion… shifts to a trade deficit

Pharmaceutical exports from January to April last year were found to have fallen 19% from the same period in the previous year.

 

According to the Korea Customs Service on the 16th, pharmaceutical exports from January to April this year have recorded $2,191,880,000 (approx.

 

₩2.81 trillion).

 

This is a 19% decrease from the $2,689,820,000 (approx.

 

₩3.45 trillion) accrued last year.

 

In the same period, the amount of imports increased 42% from $2,534,920,000 (approx.

 

₩3.25 trillion) to $3,603,450,000 (approx.

 

₩4.62 trillion).

 

With exports greatly reduced and a surge in imports, the trade balance of pharmaceuticals, which recorded a surplus in the same period last year, turned to a deficit.

 

From January to April this year, the trade balance of pharmaceuticals recorded a deficit of $1,411,570,000 (approx.

 

₩1.81 trillion).

 

By each country, exports to the US and Italy surged.

 

Exports to the US recorded $217,070,000 (approx.

 

₩280 billion) this year, a 77% increase from the $122,330,000 (approx.

 

₩160 billion) in the same period of last year.

 

In the same period, exports to Italy jumped from $23,380,000 (approx.

 

₩30 billion) to $156,570,000 (approx.

 

₩200 billion) this year.

 

On the other hand, exports to Germany fell from $1,010,270,000 (approx.

 

₩1.3 trillion) to $192,910,000 (approx.

 

₩250 billion).

 

Germany had been Korea's largest exporting country for pharmaceuticals for the past 3 years from 2019 to last year.

 

Exports to Japan also fell 15% from $161,250,000 (approx.

 

₩210 billion) to $146,170,000 (approx.

 

₩190 billion).

 

In China, sales dropped by nearly half from $84,770,000 (approx.

 

₩110 billion) to $45,310,000 (approx.

 

₩58 billion).