South Korea’s exports of pharmaceutical products expanded 30 percent in January and February from a year earlier, government data showed Thursday.
According to data from the Korea Customs Service, exports of pharmaceutical products under the HS Code 30 amounted to $398.6 million in the first two months of this year, up 30.6 percent ($93.4 million) from the same period of last year.
During the same period, exports of medicaments under the HS Code 3003 and 3004 jumped 160 percent, or up by $80.3 million.
However, Korea’s trade deficit of pharmaceutical goods widened, as imports grew faster than exports.
Korea recorded a $568.8 million trade deficit in pharmaceutical items in the first two months, adding $91.2 million deficit from a year earlier. Imports of pharmaceutical products reached $967.5 million in January and February, up 23.6 percent from the same period of last year.
Imports of medicaments also rose by 142 percent, or $366.8 million, to $624.6 million. The trade deficit of medicaments grew from $228.4 million to $494 million.
Korea’s total trade balance, however, recorded a surplus.
The nation posted a $13.7 billion surplus in the first three months. Exports stood at $145.7 billion, and imports, $132 billion.
<© Korea Biomedical Review, All rights reserved.>