First Half Health Industry Exports Reach $13.8 Billion... Record Half-Year Performance

Health Industry Exports Reach Record High in First Half of the Year
Driven by Surging Biopharmaceutical and Cosmetics Exports, Up 13% Year-on-Year

In the first half of this year, exports in the health industry sector reached a record high of $13.79 billion, up 13.2% from the same period last year, driven by all-time high exports of biopharmaceuticals and cosmetics. This is the highest half-year performance ever recorded.

The Korea Health Industry Development Institute (KHIDI) released this analysis on the 1st, based on export and import customs clearance data from the Korea Customs Service. In the first half of this year, health industry exports ranked eighth among the top 10 industries, ahead of auto parts and displays.

By sector, cosmetics exports amounted to $5.51 billion, pharmaceuticals to $5.38 billion, and medical devices to $2.91 billion. Exports of biopharmaceuticals and basic cosmetics, especially to the U.S. market, saw significant increases, resulting in record half-year performances in the pharmaceuticals and cosmetics sectors.

Cosmetics exports rose by 14.9% compared to the same period last year, driven by growing exports of basic skincare, color cosmetics, and personal cleansing products. Exports of basic skincare products, which accounted for 74.6% of total cosmetics exports, increased by 14.8% year-on-year to a record $4.11 billion for the half-year, while color cosmetics exports also grew by 17.3% to $750 million. Notably, while exports of basic cosmetics to China (-8.7%) and Vietnam (-20.2%) declined, they increased to the United States (16.4%), Hong Kong (38.0%), and Poland (133.0%).

Pharmaceutical exports rose by 20.5% year-on-year, driven by increased exports of biopharmaceuticals and vaccines. Exports of biopharmaceuticals, which accounted for 63.4% of total pharmaceutical exports, jumped by 27.4% to a record $3.41 billion for the half-year. Exports to the United States ($980 million, up 41.4%) and Switzerland ($460 million, up 76.9%) saw significant increases, while exports to the Netherlands ($250 million, up 719.8%) also surged.

Medical device exports fell by 0.6% year-on-year, as exports of ultrasound imaging devices (up 9.2%) and electric medical devices (up 11.8%) increased, but exports of implants declined by 21.7%.

Lee Byungkwan, head of the Biohealth Innovation Planning Division at KHIDI, stated, "Exports are expected to continue to grow in the second half of the year, supported by expanding global demand for key products such as biopharmaceuticals and basic cosmetics." He added, "However, given the ongoing external uncertainties, such as changes in U.S. tariff policies, it will be more important than ever to closely monitor market trends and respond with caution and strategic planning."

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