Korea’s exports of products in the healthcare sector grew 34.5 percent on-year in May to hit $1.78 billion, government data showed.
According to data from the Korea Health Industry Development Institute released on Friday, shipments of drugs recorded $780 million (up 93.8 percent), cosmetic goods, $570 million (up 1.1 percent), and medical devices, $420 million (up 24.5 percent), in May.
The exports of pharmaceutical goods maintained steady growth with an increasing demand for testing kits and disinfectant products.
Shipments of cosmetic products slowed but those heading to Japan expanded.
With more imports of Korean medical devices such as diagnostic kits, Brazil came in the top 10 destinations for Korean healthcare goods.
By product type, exports of immunity-boosting products continued to grow and those of diagnostic agents and disinfectants have surged recently amid the Covid-19 pandemic.
However, exports of ultrasound imaging devices and dental implants decreased due to face-to-face business disruptions, discontinuation of dental clinics, and fewer hospital visits in China amid Covid-19.
Exports of healthcare products from January to May recorded $7.83 billion, a 24 percent increase from a year earlier. By industry, exports of drugs rose 49 percent to $3.09 billion, cosmetic goods, 8.1 percent to $2.89 billion, and medical devices, up 18.2 percent to $1.85 billion.
“As the Covid-19 pandemic prolongs, we will continue to monitor exports to major markets including the U.S. and China and trade issues,” an official at KHIDI said.
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