Imports Top USD 1 Billion for Third Consecutive Month, Pushing Trade Balance into Deficit
South Korea's pharmaceutical product exports exceeded USD 1.1 billion for the first time ever in June, driving first-half exports above USD 5 billion and setting a new all-time record.
However, imports of pharmaceutical products also increased sharply, resulting in the trade balance swinging into deficit.
According to the Korea Customs Service, exports of pharmaceutical products (HS30) reached USD 1.16083 billion in June, up 19.7% year-on-year, surpassing the USD 1.1 billion mark for the first time on record.
This marked only the second time that monthly pharmaceutical product exports exceeded USD 1 billion, following December 2021, and the first time exports surpassed the USD 1.1 billion threshold.
Pharmaceutical product exports have recorded year-on-year growth for eight consecutive months since November last year. During the first quarter, exports totaled USD 2.33357 billion, representing double-digit growth of 10.7%.
Export growth accelerated further in the second quarter, with exports reaching USD 2.94846 billion, nearing the USD 3 billion mark and lifting the year-on-year growth rate to 17.9%.
As a result, cumulative exports for the first half of the year reached USD 5.28202 billion, up 14.6% from the same period last year and surpassing the USD 5 billion mark for the first time ever.
Despite record exports, the trade deficit widened further as imports continued to surge.
Imports of pharmaceutical products totaled USD 1.00871 billion in June, up 27.7% year-on-year, exceeding the USD 1 billion mark for the third consecutive month.
Although June itself posted a trade surplus of USD 152.12 million, cumulative imports for the second quarter climbed to USD 3.14829 billion, surpassing the USD 3 billion mark. Consequently, the quarterly trade balance shifted from a surplus of USD 209.87 million to a deficit of USD 199.82 million.
Cumulative imports for the first half also surged 28.8% year-on-year to USD 5.73109 billion. Accordingly, the first-half trade balance swung from a surplus of USD 158.70 million last year to a deficit of USD 449.07 million this year.
