Health Industry’s Cumulative Q3 Exports Reach $20.8 Billion, All-Time High

Cosmetics Reach $8.5 Billion, Pharmaceuticals Hit $7.88 Billion

This year, the cumulative export value of Korea's health industry for the third quarter surpassed 20.8 billion dollars (approximately 30.1371 trillion won), setting an all-time record.

Quarterly Export Trends of the Health Industry. Korea Health Industry Development Institute

According to the Korea Health Industry Development Institute on November 5, the cumulative export value of pharmaceuticals, medical devices, and cosmetics for the third quarter of this year reached 20.81 billion dollars (approximately 30.1516 trillion won), up 12.5% from the same period last year. This figure exceeds the previous record of 18.99 billion dollars (approximately 27.5146 trillion won) set in 2022. The main export destinations were the United States, China, Japan, Switzerland, and Germany.

By category, cosmetics performed best with exports of 8.5 billion dollars (approximately 12.3157 trillion won), showing the highest year-on-year growth rate at 15.4%. Pharmaceuticals followed, increasing by 15.1% to 7.88 billion dollars (approximately 11.4158 trillion won), and medical devices rose by 3.3% to 4.43 billion dollars (approximately 6.4177 trillion won). Both cosmetics and pharmaceuticals achieved their highest cumulative third-quarter export figures ever.

In particular, domestic demand for basic skincare products has grown significantly. According to the institute, exports of basic skincare products, which accounted for 74.5% of total cosmetics exports, increased by 14.8% year-on-year, reaching a record high of 6.33 billion dollars (approximately 9.169 trillion won) for the period.

Looking at total cosmetics exports by country, cumulative exports to the United States for the third quarter of this year rose 18.1% year-on-year to 1.67 billion dollars (approximately 2.419 trillion won), accounting for 19.7% of total cosmetics exports. In contrast, exports to China fell by 11.5% to 1.58 billion dollars (approximately 2.2889 trillion won).

Exports of biopharmaceuticals, which make up 62.7% of total pharmaceutical exports, increased by 19.3% year-on-year, also reaching a record high for the period at 4.94 billion dollars (approximately 7.1566 trillion won).

In the medical device category, exports of ultrasound imaging devices grew by 14.6% year-on-year to 670 million dollars (approximately 970.2 billion won), setting a record for the period. On the other hand, exports of dental implants, previously a leading export item, decreased by 11.5%.

Lee Byungkwan, Head of the Biohealth Innovation Planning Division at the institute, stated, "Achieving cumulative exports of 20 billion dollars in the third quarter this year demonstrates that the export foundation of our health industry is becoming more robust," adding, "If external uncertainties ease, we expect stable growth to continue into the fourth quarter."