[NEWSMP] Exports of pharmaceutical products (HS 30) have continued to rise sharply this year, following strong growth last year. However, imports have grown at an even faster pace, pushing the cumulative trade deficit above $1 billion in just eight months.
According to the Korea Customs Service, exports of pharmaceutical products reached $800.67 million in August, up 23.2% from a year earlier and marking the 10th consecutive month of year-on-year growth.
Exports have remained above $800 million for five consecutive months since reaching $953.97 million in April, while posting double-digit year-on-year growth for the past three months.
Cumulative exports for the first eight months reached $6.93528 billion, up 18.7% from the same period a year earlier. Average monthly exports stood at $866.91 million, well above the $850 million mark.
Imports, however, have risen even more sharply. In August, imports surged 35.6% year-on-year to $1.11546 billion, exceeding $1 billion for the fifth consecutive month.
Imports have also posted year-on-year growth for 12 consecutive months since September last year, with growth exceeding 20% for six straight months since March.
As a result, cumulative imports for the first eight months reached $7.9705 billion, up 28.4% from the same period a year earlier. Average monthly imports stood at $996.31 million, approaching the $1 billion mark.
With imports rising sharply, the trade deficit widened to $314.79 million in August, nearly twice the level recorded a year earlier and exceeding $300 million for the first time since July last year.
The cumulative trade deficit for the first eight months surged 185% year-on-year to $1.03522 billion, surpassing the $1 billion mark. The average monthly deficit stood at $129.40 million, approaching $130 million.
