Pharmaceutical products in South Korea | The Observatory of Economic Complexity

About

Exports In 2022, South Korea exported $8.78B in Pharmaceutical products, making it the 20th largest exporter of Pharmaceutical products in the world. At the same year, Pharmaceutical products was the 12th most exported product in South Korea. The main destination of Pharmaceutical products exports from South Korea are: United States ($1.46B), Switzerland ($824M), Germany ($611M), Italy ($553M), and Japan ($535M).

The fastest growing export markets for Pharmaceutical products of South Korea between 2021 and 2022 were Switzerland ($656M), Chinese Taipei ($352M), and Australia ($325M).

Imports In 2022, South Korea imported $10.2B in Pharmaceutical products, becoming the 16th largest importer of Pharmaceutical products in the world. At the same year, Pharmaceutical products was the 11th most imported product in South Korea. South Korea imports Pharmaceutical products primarily from: United States ($2.06B), Belgium ($1.27B), Germany ($1.26B), Italy ($792M), and Switzerland ($783M).

The fastest growing import markets in Pharmaceutical products for South Korea between 2021 and 2022 were Italy ($588M), Singapore ($125M), and Ireland ($83.3M).

COMPANIES In 2023, leading companies such as LG ELECTRONICS U.S.A. INC. (534) and SUMITOMO RUBBER NORTH AMERICA, INC. (62) were at the forefront of shipping Pharmaceutical products from South Korea to the United States.

Latest Trends

February 2024

About

Overview In February 2024 South Korea's Pharmaceutical products exports accounted up to $598M and imports accounted up to $718M, resulting in a negative trade balance of $120M. Between February 2023 and February 2024 the exports of South Korea's Pharmaceutical products have increased by $135M (29.1%) from $463M to $598M, while imports decreased by $-132M (-15.6%) from $850M to $718M.

Destinations In February 2024, Pharmaceutical products were exported mostly to United States ($116M), Germany ($50M), Japan ($41.2M), United Kingdom ($40.4M), and Belgium ($37.4M), and were imported mostly from United States ($133M), Germany ($128M), Ireland ($55.5M), France ($46.1M), and Japan ($34.3M).

Growth In February 2024, the increase in Pharmaceutical products's year-by-year exports was explained primarily by an increase in exports to Switzerland ($35.8M or 325%), United States ($25.7M or 34.6%), and Turkey ($24.3M or 68.8%). In February 2024, the decrease in Pharmaceutical products's year-by-year imports was explained primarily by a decrease in imports from Puerto Rico ($-45.7M or -72.2%), Belgium ($-43.8M or -57%), and Switzerland ($-26.4M or -33.7%).

Subnational Monthly Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

EXPORT GROWTH (February 2023 - February 2024)$135M(29.1%)

IMPORT GROWTH (February 2023 - February 2024)$-132M(-15.6%)

MAIN DESTINATION (February 2024)United States$116M

This section shows Pharmaceutical products's exports and imports data at subnational level for South Korea. Click any date in the line plot, any subnational region in the geomap, or any destination or origin country to explore the exports or imports behavior of Pharmaceutical products over time.

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