[NEWSMP] First-Half Biohealth Industry Exports Exceed $9 Billion
After surpassing the $10 billion mark for the first time on record last year, Korea's pharmaceutical exports have continued to grow rapidly this year and are now on track to exceed the $12 billion mark.
According to the Ministry of Trade, Industry and Resources, pharmaceutical exports totaled $6.11 billion in the first half of the year, up 14.2% from the same period last year, surpassing the $6 billion mark.
The sector has maintained growth for eight consecutive months since November of last year. Exports reached $2.731 billion in the first quarter, up 11.9% year on year, while second-quarter exports climbed to $3.379 billion, representing 16.2% growth. Both export value and growth rate increased during the period.
Notably, exports reached nearly $3.4 billion in the second quarter alone. If this trend continues, annual pharmaceutical exports could surpass the $13 billion mark.
On a monthly basis, June exports increased 16.9% year on year to $1.297 billion, marking the highest monthly export value of the year.
Driven by a sharp increase in pharmaceutical exports—the biohealth industry's largest export category—overall biohealth exports also rose significantly.
Second-quarter biohealth exports increased 12.7% year on year to $4.998 billion, approaching the $5 billion mark. First-half exports reached $9.198 billion, up 11.2% from a year earlier, surpassing the $9 billion mark.
In June alone, biohealth exports totaled $1.917 billion, an increase of 14.1% year on year, bringing the monthly total close to the $2 billion mark.
The record June performance was attributed to expanding global market share, supported by strong biosimilar manufacturing competitiveness, as well as an increase in contract manufacturing orders.
However, regional performance diverged, with exports to Europe rising by nearly 30% while exports to the United States fell by nearly 30%.
