According to data from the Ministry of Health and Welfare, South Korea’s exports of products in the healthcare sector surged 30.9 percent in the first half from last year.
Exports of drugs, medical devices, and cosmetics amounted to $7.1 billion (7.8 trillion won) in the first half, up almost 31 percent from the same period last year.
Germany was the No.1 destination for Korean drugs, purchasing $250 million worth products, followed by Japan with $230 million, China with $200 million, Turkey with $190 million, and the U.S. with $180 million.
Shipments of medical devices grew 13.3 percent year-on-year to reach $1.66 billion in the first half.
The U.S. was the largest importer of Korean medical devices, importing $290 million worth goods, followed by China with $270 million, Japan with $120 million, Germany with $80 million, and Russia with $70 million.
Stay tuned for our in-depth report on Korea’s Pharma industry.