In the first quarter of this year, Korea's biohealth industry exports posted a double-digit growth rate, extending their growth trend.
The Korea Health Industry Development Institute (KHIDI) said on the 27th that exports of the biohealth industry, including pharmaceuticals, medical devices and cosmetics, totaled $7.3 billion (about 10.785 trillion won) in the first quarter, up 14.4% from the same period a year earlier ($6.39 billion).
By item, cosmetics showed the highest growth rate. First-quarter exports of cosmetics were $3.13 billion (about 4.624 trillion won), up 21.5% from the same period last year. During the same period, pharmaceuticals rose 11.7% to $2.71 billion (about 4.004 trillion won), and medical devices increased 5.6% to $1.46 billion (about 2.157 trillion won).
Pharmaceutical exports increased as demand for biopharmaceuticals expanded, centered on the European market. Exports of biopharmaceuticals rose 14.7% to $1.75 billion (about 2.585 trillion won). Switzerland, Hungary, the Netherlands and Italy saw large increases. In contrast, exports to the United States and Germany fell.
Medical devices increased, led by ultrasound imaging diagnostic equipment and electric medical devices. In the first quarter, exports of ultrasound imaging diagnostic equipment totaled $230 million (about 339 billion won), up 9.1% from a year earlier. Electric medical devices also rose 20.4% from a year earlier. However, exports of in vitro diagnostic devices declined.
Cosmetics recorded the highest quarterly performance on the back of growing global K-beauty demand and increased exports to the United States and the United Kingdom. Exports of basic skincare products rose 26.5% to $2.43 billion, and hair care products also increased 34.8%. By contrast, color cosmetics fell 8.7% from a year earlier due to weak exports to Japan and China.
By country, the United States remained the largest export destination, while China showed a decline. In contrast, exports to European countries such as Switzerland, the Netherlands and Italy increased sharply.
Lee Byung-gwan, Director General of the Korea Health Industry Development Institute (KHIDI) Biohealth Innovation Planning Division, said, "Even though exports typically slow early in the year, the biohealth industry surpassed $7 billion in quarterly exports, steadily continuing last year's growth momentum."
The Director General added, "As uncertainty in the global trade environment persists, we will maintain a monitoring system so that such external variables do not constrain export growth."