S. Korea's exports of pharmaceutical goods rise 20 pct last year

SEOUL, March 25 (Yonhap) -- South Korea's exports of pharmaceutical goods rose
nearly 20 percent last year but the industry continued to log a trade deficit, a
trade group said Thursday.

According to the Korea Pharmaceutical Traders Association, a pharmaceutical
industry lobbying group, exports of pharmaceutical goods stood at US$1.92 billion
last year, up 18.9 percent from a year earlier.
Pharmaceutical goods include drugs, medical supplies, raw materials and cosmetics.
Exports of finished drugs jumped 29.1 percent year-on-year to reach $885.50
million, leading the overall export growth, according to the association.
Japan topped the list of South Korean medicine importers with $312.56 million
last year, followed by China and United States.
With inbound shipments more than doubling the value of exports, however, South
Korea posted a trade deficit of $3.08 billion last year. The United States was
the top medicine exporter to South Korea, selling $713.50 million worth of drugs,
followed by Japan, Germany and France.
"It is a sober reality that the nation's pharmaceutical companies still depend on
domestic demand," an industry source said. "But medicine exports are likely to
grow further within several years as more companies meet higher standard
requirements by the U.S. and European health authorities."
graceoh@yna.co.kr
(END)

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