South Korea's healthcare exports jumped 38.3% in 2020

Medicine exports soared 62.6% to $8.43b during the period.

South Korea's overseas shipments of pharmaceuticals, cosmetics, and medical devices jumped 38.3% to an all-time high of $21.7b in 2020, Yonhap reported based on data from the Korea Health Industry Development Institute.

The new record came as the pandemic led to a surge in exports of biopharmaceuticals, coronavirus test kits, and other related medical devices.

Exports of medicine surged 62.6% to $8.43b, with those of disinfectants skyrocketing about 3,700% to $258m. Germany was the largest market for the medicines, followed by the United States and Japan.

At the same time, the overseas shipments of medical devices stood at $5.70b, up 44% from the prior year, helped by a jump in coronavirus test kits.