Both Vaccines and Diagnostic Reagents Achieve Trade Surplus... 'K-Bio' Becomes Export Hero

$113 Million Surplus in Human Vaccines in First Half of This Year
Expansion of Exports Including COVID Vaccine Contract Manufacturing and Flu Vaccines
Diagnostic Reagents Also Record $2.16 Billion Surplus

Researchers are conducting studies at the SK Bioscience Research Center in Pangyo, Seongnam-si, Gyeonggi-do, where the development of Korea's first domestic COVID-19 vaccine, 'Skycovione,' was achieved. (Photo by Ministry of Health and Welfare)

[Asia Economy Reporter Lee Gwan-ju] Amid the ongoing COVID-19 pandemic, South Korea's human vaccines and diagnostic reagents recorded a trade surplus in the first half of this year, emerging as export drivers and elevating the status of 'K-Bio' in the global market.

According to export-import trade statistics from the Korea Customs Service and the Korea Bio Association on the 23rd, exports of human vaccines (HS code 3002410000) from January to June this year amounted to $778.3 million, while imports were $665.04 million, resulting in a trade surplus of approximately $113 million.

Human vaccines had a trade deficit until last year but have maintained a surplus since the first quarter of this year. By country, Australia was the largest export destination, accounting for nearly half at 47.8% with $372.34 million. Taiwan, Singapore, Peru, and Colombia followed. This is estimated to be due to exports of COVID-19 vaccine contract manufacturing volumes as well as expanded exports of influenza vaccines and others. The first half of this year is expected to be recorded as a major turning point in establishing vaccine sovereignty, with SK Bioscience's 'Skycovione' receiving approval from the Ministry of Food and Drug Safety as the first domestically produced COVID-19 vaccine.

Belgium was the largest vaccine import country for South Korea, with imports of $411.74 million (61.9%). Germany, the United States, Switzerland, and Ireland followed. Until 2020, the United States was South Korea's largest vaccine import country, but due to the impact of COVID-19 vaccines, Belgium has held the top import position since last year. It is known that South Korea imports Pfizer's COVID-19 vaccines produced at the Belgian factory.

Along with human vaccines, South Korea's diagnostic reagents (HS code 3822) exports in the first half of this year reached $2.60978 billion, with imports at $449.04 million, resulting in a trade surplus of approximately $2.16 billion. Among these, diagnostic reagents classified as "others" (HS code 382219) accounted for 97% of exports, including COVID-19 antigen and antibody diagnostic reagents and molecular diagnostic reagents. The largest export market for South Korea's diagnostic reagents was the United States ($514.49 million), followed by Taiwan, Canada, Japan, and Germany. The United States was also the largest import market for diagnostic reagents ($167.76 million). As of the first half of this year, the trade surplus in diagnostic reagents with the U.S. market was about $340 million.

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