The nation’s exports of health industry products, such as medicines, medical devices, and cosmetics, totaled about 32 trillion won ($24.2 billion) in 2022, down 4.7 percent from 2021, according to the Korea Health Industry Development Institute Friday.

By item, the shipments of medical devices and cosmetics showed 11 percent and 13.4 percent declines to $8.2 billion and $3 billion.

On the other hand, the exports of medicinal products totaled $8.1 billion, up 14.8 percent from 2021 and far above the all-industry export growth rate of 6.1 percent on average.

By country, exports to the United States fell 12.3 percent to $990 million, followed by $770 million to Japan (down 3.3 percent) and $740 million to Germany (up 8.5 percent). Shipments to the top 20 markets accounted for 83.0 percent of Korea’s medical industry exports.

The nation’s exports of biopharmaceutical products to the U.S. dropped 19.0 percent, from $920 million to $740 million. However, the shipments of “other preparatory medicines” and “other blood/serum” products increased to keep the U.S. market Korea’s largest export destination.

Among others, shipments to Australia soared 297.5 percent to $440 million, and those to Taiwan even rocketed at a faster rate of 446.6 percent to $340 million, pushing these countries’ rankings in Korea’s medical industry export list. In contrast, exports to Hungary and Belgium plunged 21.5 percent and 27.6 percent to $199 million and $190 million, pulling down their rankings.

Among products that took larger shares in medical exports were biopharmaceutical products ($363 million, up 7.5 percent), vaccines ($940 million, up 81.3 percent), and other preparatory medicines ($710 million, up 12.6 percent).

Biopharmaceutical exports maintained a steady increase by showing continuous growth in shipments to the EU, such as Germany and Italy, and other markets, including Singapore, Brazil, Vietnam, and Taiwan, although shipments to the U.S., Japan, and Hungary dropped last year, turning around from the sharp increases in 2021.

Following 2021, the demand for Korean vaccine products sharply increased last year. Shipments were especially brisk to Australia ($410 million, up 346.1 percent) and Taiwan ($260 million, up 39,233.6 percent), pushing their ranking from fourth to second place.

Medical device exports fell 11.0 percent to $8.2 billion.

By country, shipments to the U.S. totaled $1.44 billion, up 43.8 percent, followed by Japan’s $730 million, up 93.5 percent, and China’s $670 million, down 6.3 percent. The top 20 nations imported 78.2 percent of Korea’s medical device exports.

Among countries whose rankings in importing Korean medical devices were Japan ($730 million, up 93.5 percent), Taiwan ($560 million, up 706.0 percent), and Canada ($380 million, up 120.4 percent). On the other hand, the rankings of Germany ($400 million, down 72.7 percent) and Vietnam ($260 million, down 48.8 percent) slid.

Notably, Taiwan saw its import ranking of Korean medical devices soar from 21st to fourth place, while Germany saw its ranking fall from first to fifth place.

By product, diagnostic reagent ($3.18 billion, -28.1 percent), ultrasonic scanning apparatus ($770 million, +10.4 percent), dental implant ($710 million, +25.1 percent), and radiography equipment ($700 million, +14.7 percent) took a larger share of the subtotal.

“The health industry’s exports inched down last year due to demand decline for quarantine products and related items as the Covid-19 pandemic shifted to an endemic,” said Han Dong-woo, head of the health industry innovation team at the institute. “However, the industry has marked a higher-than-average export growth rate of 13.2 percent over the past five years compared to other sectors, emerging as a new promising export industry,”

Acknowledging that businesses’ concerns about cost burdens and economic slump remain unabated, Han said the government’s active support and the institute’s continuous monitoring would contribute to promoting the industry’s outbound shipments.