S. Korea's trade deficit for medicine doubles in 5 years

SEOUL, Oct. 16 (Yonhap) -- South Korea's trade deficit in medicine nearly doubled
over the last five years as local manufacturers were unable to meet growing
domestic demand, a report said Friday.
The country's trade imbalance in drugs topped US$2.68 billion in 2008, compared
with $1.33 billion in 2003, according to the report by the state-funded Korea
Health Industry Development Institute.
Exports by local pharmaceutical companies rose from $661 million five years ago
to $1.23 billion in 2008, but imports shot up to $3.91 billion from $2.01 billion
during the same period.
According to the report, while local companies recorded a steady increase in
production that topped over 12.59 trillion won ($10.89 billion) worth of medicine
in 2007, the country still relied on foreign suppliers for certain types of
drugs.
In addition to medicine, the country suffered a trade deficit of $1.12 billion in
the medical equipment sector in 2007, compared with a $625 million shortfall in
2003. The country's medical equipment market stood at 2.21 trillion won in 2007.
The country also suffered trade deficits in food and cosmetics supplies in 2007.
The imbalance in food, excluding fresh farm and fisheries products, totaled $2.41
billion in 2007, with the deficit in cosmetics reaching $340 million, the report
showed.
yonngong@yna.co.kr
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