Seoul, 4 June (IANS). South Korea’s pharma exports have reached a record height of US $ 2.56 billion in the first quarter. According to a report released on Wednesday, South Korea’s exports reached all -time high in the first quarter due to strong demand for Korean drugs in the European market.
According to the data compiled by the Korea Health Industry Development Institute, the export of pharmacuticals in the January-March period reached US $ 2.56 billion in the January-March period, according to data compiled by the Yonhap news agency.
Especially, the export of bioformacutical products has increased by 30.2% year-on-year. The huge increase in products sent to Germany and Hungary is the main reason, where exports have increased by 230% and 112% respectively.
The export of vaccine also increased by 37.7 percent due to high demand in South America and Africa.
Meanwhile, according to the institute, the export of cosmetic products in the first three months of the year increased by 12.7 percent to $ 2.58 billion compared to the previous year, the second largest figure for any quarter.
It states, “Strong demand for bioformacutical and basic skincare care products is expected to continue in the second quarter as well.”
However, the institute stated that business uncertainties may cause risks due to American tariff policies.
US President Donald Trump has also threatened to impose fees on foreign drug products even after the duty is already imposed on imports of steel, automobile and other major items.
The South Korea Trump is demanding a full discount or deduction from the 25 percent mutual tariff imposed by the Trump administration for the country. Along with this, steel, automobile and other imports are also demanding exemption or deduction from regional tariffs.
A business officer at Seoul said that in a working-level meeting in May, the office of the US Trade Representative (USTR) urged Seoul to solve the non-business obstacles listed in the 2025 National Trade Estimate (NTE) report on foreign trade obstacles.
-IANS
ASH/AS
