According to Yonhap News,

South Korea's exports of pharmaceutical products reached an all-time high in the first quarter thanks to strong demand for Korean medicines in the European market, data showed Wednesday.

Outbound shipments of pharmaceuticals came to a quarterly high of US$2.56 billion in the January-March period, up 17.7 percent from a year earlier, according to data compiled by the Korea Health Industry Development Institute.

In particular, shipments of biopharmaceutical products jumped 30.2 percent on-year, driven by sharp increases in shipments to Germany and Hungary, which jumped 230 percent and 112 percent on-year, respectively.

Vaccine exports also escalated 37.7 percent on high demand in South America and Africa.

Meanwhile, outbound shipments of cosmetic products jumped 12.7 percent on-year to $2.58 billion in the first three months of the year, marking the second-highest figure for any quarter, according to the institute.

"Strong demand for biopharmaceutical and basic skincare products is expected to continue into the second quarter," it said.

The institute, however, noted there may be risks deriving from trade uncertainties sparked by U.S. tariff policies.

U.S. President Donald Trump has threatened to slap tariffs on foreign pharmaceutical products following already imposed duties on imports of steel, automobiles and other key items.


nyway@yna.co.kr

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Source: Yonhap News (June 4, 2024)