Korea exported pharmaceutical products to Europe the most and medical devices to China the most in the first four months of this year, government data showed.
According to the Korea Trade-Investment Promotion Agency (KOTRA)’s report, Korea exported $376 million worth of drugs to European Union between January and April. The volume was an 81.3 percent increase from the same period last year.
The Association of Southeast Asian Nations (ASEAN) was the second-largest importer of Korean medicines, importing $113 million worth of products. China came next with $84 million worth of imports, followed by Japan with $84 million, Latin America with $80 million, the U.S. with $77 million, the Middle East with $43 million, Vietnam with $43 million, the Common Wealth of Independent States (CIS) with $15 million, and India with $10 million.
Regarding year-on-year growth, Europe topped the list with 81.3 percent growth, and the Middle East ranked second with 57 percent growth.
CIS was the third with 42.8 percent rise, followed by China’s 36.4 percent, the U.S. with 18.4 percent, ASEAN with 12.9 percent, and Japan, 1.1 percent. On the other hand, Vietnam’s import of Korean drugs fell 2.7 percent during the cited period. The Central and South America and India also imported 5.8 percent less and 28.1 percent less Korean medicinal goods this year, compared to the previous year.
Korea’s exports of medical devices to China went up 12.8 percent to $54 million, and shipments to the U.S., up 20.9 percent to $51 million.
Europe ranked third with $46 million imports of Korean medical devices, followed by ASEAN with $25 million, CIS with $24 million, Japan with $18 million, the Middle East with $17 million, the Latin America with $8 million, India with $6 million, and Vietnam with $3 million.
CIS had the most rapid increase in Korean drug imports, growing 66.9 percent year-on-year, followed by the U.S. with 20.9 percent increase.
Europe followed with 15.4 percent rise, China, 12.9 percent, ASEAN, 6.5 percent, Japan, 5.9 percent, India, 2.7 percent, and the Middle East, 2 percent.
However, the Latin America’s Korean drug imports fell 5.8 percent, and Vietnam, 10.9 percent.
The KOTRA report aimed to identify export trends of prospective consumer goods, which include six items such as medicines, medical devices, agricultural and marine products, cosmetics, daily necessities, and fashion apparel.
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