Seoul [South Korea], October 9: South Korea's exports of biopharmaceutical products reached a record US$6.6 billion in the first nine months of this year, led by robust demand in Europe, government data showed Thursday, according to Yonhap News Agency.
Exports of biopharmaceutical products rose 15.8% from a year earlier to an estimated $6.6 billion in the January-September period, according to the Ministry of Food and Drug Safety.
The shipments accounted for approximately 73% of the country's total pharmaceutical exports of $9 billion during the period, the latest findings showed.
In the third quarter alone, biopharmaceutical exports climbed 15.6% on-year to $2.07 billion.
The United States was the largest export destination during the nine months, with shipments totaling $1.07 billion, or 16.3% of all shipments sent abroad.
Switzerland followed with $1.01 billion, while Hungary came in third place at $920 million.
Exports to Europe showed particularly strong growth, with seven of South Korea's top 10 export destinations located in the region, supported in part by robust demand for contract development and manufacturing organisation (CDMO) services and biosimilar products.
Source: Emirates News Agency
