Drug trade volume to hit all-time high over USD 10 bln

Exported USD 3.3 billion, imported USD 6 billion as of November

Korea’s accumulated trade volume is expected to surpass USD 10 billion for the first time.

 

The biggest impact is from a significant surge of pharmaceutical export volume.

 

This year’s overall pharmaceutical export volume is projected to go over 3.6 billion dollars.

 

The number almost doubled, compared to four years ago in 2015.

 

According to statistic data from Korea Customs Service, the accumulated pharmaceutical trade volume, as of November, reached 9.34 billion dollars (approximately 10.91 trillion won).

 

If the trend continues, the pharmaceutical trade volume from this year alone is expected to surpass the 10 billion-dollar mark for the first time.

 

Pharmaceutical import and export volume by year.

 

2019 includes projected December figure based on performance as of November.

 

(Source: Korea Customs Service)

In recent years, the trade volume grew constantly reaching 6.27 billion dollars, 7.44 billion dollars, 7.94 billion dollars, and 9.37 billion dollars in years from 2015 to 2018, respectively.

 

The pharmaceutical export volume had the biggest surge.

 

As of November, the pharmaceutical export volume reached 3.34 billion dollars (approximately 3.91 trillion won).

 

Outperforming last year’s export volume at 3.27 billion dollars, this year’s volume is expected to easily make over 3.6 billion dollars by the end of the year, hitting the highest point in the history.

 

The all-time high export volume was possible this year due to strong performance from Celltrion and Samsung Biologics’ biosimilars and Daewoong Pharmaceutical’s Nabota export.

 

Moreover, the government building stronger ties with Southeast Asian countries have helped the increase in export to their markets.

 

On the other hand, pharmaceutical import volume has reached 5.99 billion dollars as of November (approximately 7.32 trillion won).

 

The trade surplus, balancing export and import volumes, is to get better by a bit.

 

Last year’s pharmaceutical trade made a deficit of 2.83 billion dollars.

 

This year’s deficit is expected to be around the similar level of 2.8 billion dollars.

 

Pharmaceutical import and export volume from January to November, 2019.

 

(Source: Korea Customs Service)

Apparently, Korea’s overall trade volume has surpassed one trillion dollars this year.

 

The trade volumes in last three years have exceeded one trillion-dollar mark since 2017.

 

China, the U.S., Germany, Japan, the Netherlands, France, the U.K.

 

Hong Kong and Italy as well as Korea are the only ten countries around the world to have overall trade volume over one trillion dollars.