Seoul: 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, data showed Wednesday. Outbound shipments of pharmaceuticals came to a quarterly high of US$2.56 billion in the January-March period, up 17.7 percent from a year earlier.
According to Yonhap News Agency, shipments of biopharmaceutical products increased by 30.2 percent on-year, with significant growth driven by exports to Germany and Hungary, which surged by 230 percent and 112 percent on-year, respectively. Vaccine exports also rose by 37.7 percent due to heightened demand in South America and Africa.
Meanwhile, outbound shipments of cosmetic products saw a 12.7 percent increase on-year, reaching $2.58 billion in the first three months of the year, marking the second-highest figure for any quarter, as reported by the Korea Health Industry Development Institute. The institute projected continued strong demand for biopharmaceutical and basic skincare products into the second quarter.
The institute, however, noted potential risks from trade uncertainties arising from U.S. tariff policies. U.S. President Donald Trump has threatened to impose tariffs on foreign pharmaceutical products, following duties already placed on imports of steel, automobiles, and other key items.