Domestic Human Vaccine Trade Balance Records First Surplus in Q1: "Exports of COVID-19 Vaccine Contract Manufacturing Volume"

Exports $458 million, Imports $329 million
Trade Balance Surplus of $139 million
Australian Exports Surge Over Threefold

On the 25th, when the 4th COVID-19 booster vaccination for those aged 60 and over who made advance reservations began, a citizen is receiving the vaccine at Bumin Hospital in Gangseo-gu, Seoul. April 25, 2022 Photo by Joint Press Corps

[Asia Economy Reporter Lee Gwan-ju] In the first quarter of this year, South Korea's vaccine trade balance recorded a surplus for the first time. It is analyzed that the increase in exports was driven by the contract manufacturing of COVID-19 vaccines.

According to the Korea Customs Service export-import trade statistics and the Korea Bio Association as of the 1st, South Korea's human vaccine exports in the first quarter amounted to $458 million, imports were $329 million, resulting in a trade surplus of $139 million.

This is the first time that South Korea's human vaccine trade balance has recorded a surplus. In particular, exports in the first quarter reached about 88% of last year's total export amount ($519 million). Last year, the human vaccine trade balance showed a deficit of $1.836 billion due to imports of COVID-19 vaccines.

Last year, the Philippines and Australia were South Korea's largest vaccine export destinations, but until the first quarter of this year, Australia and Taiwan emerged as the largest export countries. Notably, exports to Australia, which were $91 million last year, surged more than threefold to $314 million in the first quarter alone. In the case of Taiwan, exports were only $600,000 last year, but $97 million were exported in the first quarter. The Korea Bio Association analyzed, "It is presumed to be due to exports of contract-manufactured COVID-19 vaccine volumes."

Meanwhile, regarding vaccine imports, Belgium was the largest import country with imports reaching $150 million by the first quarter of this year amid a sharp increase in vaccine imports last year. This appears to be due to increased imports of COVID-19 vaccines from Belgium. Even before COVID-19, vaccines were mainly imported from advanced countries such as the United States, France, Ireland, and Belgium.

This content was produced with the assistance of AI translation services.