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2022
Exports $8.78BWorld Rnk 20 / 223
Flag Rnk 12 / 96
2022
Destination $656MN/A
2021 - 2022
FASTEST GROWING MARKET $656MSwitzerland
2022
PRODUCT COMPLEXITY IN Pharmaceutical products1.38Rnk 75 / 1025
2022
Imports $10.2BWorld Rnk 16 / 226
Flag Rnk 11 / 96
2022
Origin $588M United States
2021 - 2022
FASTEST GROWING ORIGIN $588MItaly
2022
ECONOMIC COMPLEXITY of South Korea1.78Rnk 4 / 133

About

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 Samsung (9), LG Electronics (3), and Sumitomo Rubber (2) were at the forefront of shipping Pharmaceutical products from South Korea to the United States.

Latest Trends

August 2024

About

Overview In August 2024 South Korea's Pharmaceutical products exports accounted up to $752M and imports accounted up to $898M, resulting in a negative trade balance of $146M. Between August 2023 and August 2024 the exports of South Korea's   Pharmaceutical products have increased by $382M (104%) from $369M to $752M, while imports increased by $95.9M (12%) from $802M to $898M.

Destinations In August 2024, Pharmaceutical products were exported mostly to Hungary ($173M), United States ($102M), Germany ($75.9M), Belgium ($44M), and Turkey ($36.8M), and were imported mostly from United States ($204M), Ireland ($115M), Germany ($103M), France ($59.1M), and Switzerland ($42.5M).

Growth In August 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 August 2024, the increase in Pharmaceutical products's year-by-year imports was explained primarily by an increase in imports from United States ($124M or 79.6%), Germany ($39.1M or 49.4%), and Ireland ($30.9M or 64.5%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (August 2023 - August 2024)$382M(104%)
IMPORT GROWTH (August 2023 - August 2024)$95.9M(12%)
MAIN DESTINATION (August 2024)Hungary$173M

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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Historical Data

Trade Balance

Color
EXPORTS (2022)$8.78B
IMPORTS (2022)$10.2B
NET TRADE (2022)-$1.42B

In 2022, South Korea imported $10.2B in Pharmaceutical products, mainly from United States ($2.06B), Belgium ($1.27B), Germany ($1.26B), Italy ($792M), and Switzerland ($783M).

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Export Destinations (2022)

Import Origins (2022)

Market Growth

Flow
THE FASTEST GROWING Pharmaceutical products EXPORT MARKETS FOR South Korea WERE (2021 - 2022):
Switzerland$656M (390%)
Chinese Taipei$352M (906%)
Australia$325M (211%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Pharmaceutical products BY South Korea WERE (2021 - 2022):
Germany-$1.22B (-66.7%)
Philippines-$179M (-72.6%)
Mexico-$153M (-68%)
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Change in Exports by Market (2021 - 2022)

Market Concentration

View
Flow
Type
In 2022, South Korea's main exporting competitors in Pharmaceutical products were:
Germany $125B
Switzerland $93.8B
United States $90B
In 2022, South Korea's main importing competitors in Pharmaceutical products were:
United States $168B
Germany $71.1B
Switzerland $48.5B

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Trade Value of Pharmaceutical products by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALUnited States+ $468M
TOP IMPORT POTENTIALGermany+ $363M

Pharmaceutical products’s highest export potential is United States. With an export gap of $468M.   Pharmaceutical products’s highest import potential is Germany with an import gap of $363M.

See methodology.

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