Abu Dhabi:South Korea's exports of biopharmaceutical products have reached a record $6.6 billion in the first nine months of this year, driven by significant demand in Europe.
According to Emirates News Agency, these exports rose by 15.8% compared to the same period last year, as reported by the Ministry of Food and Drug Safety.
The biopharmaceutical sector contributed roughly 73% to South Korea's total pharmaceutical exports, which amounted to $9 billion during this period. Specifically, in the third quarter, exports increased by 15.6% year-on-year to $2.07 billion.
The United States emerged as the largest export destination, receiving shipments worth $1.07 billion, accounting for 16.3% of all exports. Switzerland and Hungary were also major destinations, with exports totaling $1.01 billion and $920 million, respectively.
Exports to Europe exhibited notable growth, with seven of South Korea's top 10 export destinations located in the region. This was partially due to strong demand for contract development and manufacturing organization services and biosimilar products.