South Korea's healthcare exports hit record high in 2020

Amid the coronavirus pandemic, South Korea’s healthcare and cosmetics exports grew by a record 38% in 2020, local media reported on Thursday.

Exports of pharmaceuticals, cosmetics, and medical devices stood at $21.7 billion last year, a 38.3% rise from 2019, Yonhap News Agency reported, citing latest data from the Korea Health Industry Development Institute.

Medicine exports increased 62.6% to hit $8.43 billion, while exports of medical devices reached $5.7 billion with a 44% increase.

Germany was the largest market for South Korean medicines, followed by the US and Japan, the report said.

Cosmetics exports climbed 15.6% year-on-year to reach $7.57 billion in 2020, with China being the biggest importer, followed by Hong Kong, the US, and Japan, according to the report.

* Writing by Islamuddin Sajid