Invest KOREA

According to Yonhap News,

South Korea's exports of bio-health products jumped 22.5 percent in the third quarter from a year earlier, data showed Friday, driven by growing demand for pharmaceutical goods in European nations.

Outbound shipments of bio-health products, including pharmaceutical goods and cosmetics, amounted to US$6.34 billion in the July-September period, compared with $5.17 billion recorded over the same period in 2023, according to the Korea Health Industry Development Institute.

By sector, exports of pharmaceutical products jumped 43.5 percent on-year to $2.38 billion, led by increased shipments to Hungary, Germany and Belgium.

Outbound shipments of cosmetics products also advanced 19.2 percent to $2.58 billion, due to higher consumption of basic skincare products in the United States and Japan.

Exports of medical instruments rose 1.8 percent on-year to $1.37 billion, bolstered by laser equipment, the data showed.

Over the January-September period, South Korea's bio-health exports reached $18.5 billion, up 15.6 percent from the previous year.

"In the fourth quarter, exports of bio-health goods will continue to rise, supported by continued growth in demand for pharmaceuticals and basic cosmetics," an official from the institute said.


colin@yna.co.kr

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Source: Yonhap News (November 29, 2024)