Seoul, June 4 (IANS) South Korea’s exports of pharmaceutical products reached an all-time high in the first quarter thanks to strong demand for Korean medicines in the European market, according to a report on Wednesday.
Outbound shipments of pharmaceuticals came to a quarterly high of US$2.56 billion in the January-March period, up 17.7 per cent from a year earlier, according to data compiled by the Korea Health Industry Development Institute, Yonhap news agency reported.
In particular, shipments of biopharmaceutical products increased by 30.2 per cent year-over-year, driven by sharp rises in shipments to Germany and Hungary, which rose 230 per cent and 112 per cent year-over-year, respectively.
Vaccine exports also escalated 37.7 per cent on high demand in South America and Africa.
Meanwhile, outbound shipments of cosmetic products jumped 12.7 per cent on-year to $2.58 billion in the first three months of the year, marking the second-highest figure for any quarter, according to the institute.
“Strong demand for biopharmaceutical and basic skincare products is expected to continue into the second quarter,” it said.
The institute, however, noted there may be risks deriving from trade uncertainties sparked by US tariff policies.
US President Donald Trump has threatened to slap tariffs on foreign pharmaceutical products following already imposed duties on imports of steel, automobiles, and other key items.
South Korea has been seeking to gain a full exemption or reduction of the Trump administration’s 25 per cent reciprocal tariffs for the country, as well as sectoral tariffs on steel, automobile, and other imports.
In a working-level meeting in May, the office of the US Trade Representative (USTR) urged Seoul to resolve non-trade barrier issues listed on its 2025 National Trade Estimate (NTE) Report on Foreign Trade Barriers, a Seoul trade official has said on the condition of anonymity.
The NTE report had laid out a wide range of Korea’s non-tariff measures, including its import ban on American beef from cattle aged 30 months or older, South Korea’s “offset” defense trade policy, digital trade barriers, such as restrictions on the export of location-based data, and emission-related regulations on imported cars, as well as pricing policies for pharmaceuticals.
–IANS
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