S. Korea's bio-health exports up 22.5 pc in Q3

Highlights

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

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

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

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

Outbound shipments of cosmetics products also advanced 19.2 per cent 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 per cent 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 per cent 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.

Meanwhile, South Korean Minister of Trade, Industry, and Energy Ahn Duk-geun in October vowed to foster the bio-industry as a new growth engine for the country's exports by offering trade financing and other tailored support, Yonhap reported.

"South Korea's bio-industry experienced a slight setback following the end of the Covid-19 pandemic, but the sector is on track to post record exports this year at $15 billion," Ahn was quoted as saying.

South Korea's combined outbound shipments of bio-related products, including medical instruments, totaled $11.2 billion through September this year.

"Amid the escalating global competition, South Korean bio companies have been securing permits for biosimilar production, as well as contract manufacturing organization agreements," the minister added.

Ahn said the government will proactively support the industry to make bioproducts a new export engine comparable to semiconductors, including offering trade finance worth 1 trillion won ($725 million) in the fourth quarter.