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Last Year, Export and Import of Pharmaceutical Products Exceeded $2billion and $5billion for the First TimeTrade balance deficit worth of 3.7 trillion won in ‘pharmaceutical products’ based on the results of import and export provided by Korea Customs Service
  • By Nam Doo-hyun
  • Published 2017.01.06 15:15
  • Updated 2017.02.20 16:57
  • comments 0

Last year, the amount of money for export and import of pharmaceutical products exceeded $2billion and $5billion respectively for the first time since 2000.

According to the results of import and export (based on the date of registration processed), the amount of money for import and export of ‘pharmaceutical products’ were $197.37million and $547.18million in 2000. These figures have steadily increased to 2056.39million (2.4738 trillion won, export) and $5133.64million (6.1758trillion won, import) in 2016.

Detailed items of pharmaceutical products (HS code 30) include ▲medicines (antituberclous drugs and anticancer drugs, aspirin, vitamin, etc.) ▲cotton balls, gauze, bandage, and similar products (band-aid etc.) ▲pharmaceutical products (reagent, contrast agent, and first aid pocket) ▲ organ and tissue for transplantation (skin and bone etc.) ▲human blood, animal blood for treatment, protection, and diagnosis, immune serum etc.(hemoglobin, vaccines for human and animals).

The amount of money for export and import in 2016 increased by 4.86% and 7.82% respectively from a year earlier. Trade balance deficit was $3077.25million (3.7019 trillion won) in 2015.

According to the results over the past 5 years, the increase rate of the amount of money for export in pharmaceutical products increased by 33% in 2015: the highest increase rate from the previous year. The increase rate of the amount of money for export increased by 18.5% in 2014 from a year earlier and 5.2% in 2013 from a year earlier.

According to the statistics of the amount of money for import over the past 5 years, the deficit range decreased only in 2015 from a year earlier.

The industry analyzes that the improvement in trade index results from technology export worth of trillions of won done by Hanmi Pharm Co., Ltd.

On the other hand, the amount of money for import of pharmaceutical products in 2016 increased by 7.8% from a year earlier. Because of the increase, trade balance that was decreased to minus $2.8billion in 2015 exceeded $3 billion again.

Meanwhile, a total amount of money for Korean export increased by 5.9% to $495.543 billion (596.1382 trillion won) from a year earlier and the total amount of Korean import decreased by 7.1% to $405.716 billion (488.0763 trillion won) in 2016. Trade balance surplus decreased from $90.258 billion (108.5803 trillion won) in 2015 to $89.827 billion (108.0619 trillion won) in 2016. The difference is $4.31 billion (5.1849 trillion won).

The final confirmation about 2016 annual statistics will be available in February 2017.

hwz@docdocdoc.co.kr

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