South Korea Sees 22.5% Surge in Bio-Health Exports for Q3
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Seoul, Nov 29 (NationPress) South Korea's exports of bio-health products surged by 22.5% in the third quarter compared to the same period last year, as reported on Friday. This growth is largely attributed to the rising demand for pharmaceutical products in European countries.
Data from the Korea Health Industry Development Institute reveals that the total value of bio-health product exports, which includes both pharmaceuticals and cosmetics, reached $6.34 billion from July to September, up from $5.17 billion during the same quarter in 2023, according to Yonhap news agency.
Breaking it down by category, pharmaceutical exports experienced a remarkable 43.5% growth year-on-year, totaling $2.38 billion, largely driven by increased shipments to Hungary, Germany, and Belgium.
Similarly, exports of cosmetic products rose by 19.2%, amounting to $2.58 billion, thanks to a surge in demand for basic skincare items in the United States and Japan.
Additionally, exports of medical instruments saw a modest increase of 1.8% compared to last year, reaching $1.37 billion, supported by the sales of laser equipment.
For the period spanning January to September, South Korea's total bio-health exports reached $18.5 billion, reflecting a 15.6% increase over the previous year.
An official from the institute stated, "In the fourth quarter, we expect bio-health exports to keep rising, driven by ongoing demand for pharmaceuticals and basic cosmetics."
Moreover, South Korean Minister of Trade, Industry, and Energy, Ahn Duk-geun, announced in October plans to bolster the bio-industry as a new growth engine for exports through trade financing and specialized support, as reported by Yonhap.
Ahn noted that while the bio-industry faced some challenges following the end of the Covid-19 pandemic, it is projected to achieve record exports this year, potentially reaching $15 billion.
Furthermore, South Korea's total bio-related product exports, including medical devices, amounted to $11.2 billion by September this year.
In light of increasing global competition, Minister Ahn highlighted that South Korean bio firms are securing permits for biosimilar production and establishing contract manufacturing agreements.
He also assured that the government would actively support the industry to position bioproducts as a new export powerhouse, similar to semiconductors, with plans to provide 1 trillion won (approximately $725 million) in trade finance during the fourth quarter.
