Korea’s exports of medical and pharmaceutical products to China increased this year, while imports fell, government data showed.
According to data from the Korea Customs Service, Korea’s trade with China of medical products under HS Code 30 posted a $46.54 million (50.49 billion won) surplus between January and October this year, after a $10.65 million trade deficit last year.
Korea enjoyed a surplus of $27.19 million in medical goods trade with China in 2015, but the balance sank $37.84 million in disfavor of Korea last year, turning toward a deficit.
However, exports of medical goods increased $13 million in the first 10 months of this year while imports fell by $44.18 million with Korea restoring the surplus in a two-way medical trade with its largest trading partner.
The decline of imports of pharmaceutical products under HS Code 3003 and 3004 also helped turn the pharmaceutical and medical trade into a surplus. Of the $44.18 million reductions in medical imports, $37.58 million came from a decline in pharmaceutical goods.
Despite the slight fall of $10 million in exports of biomedical goods to China, the total trade with China in medical goods turned to a surplus of $14.98 million this year from a $12.44 million deficit last year.
Medical goods under HS Code 30 include pharmaceutical products such as oncology drugs, aspirin-based medicine, and vitamins, cotton balls, gauzes, bandages, reagents, contrast medium, first aid kits, skin and bones, human blood, animal blood for treatment/prevention/diagnosis of diseases, and immune serums such as hemoglobin and vaccines for humans and animals.
Korea’s total trade balance in medical products posted a $2.36 billion deficit between January and October.
Korea posted medical trade deficits of $3.12 billion last year, $2.82 billion in 2015, $3.38 billion deficit in 2014, and $3.01 billion in 2013.
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