08.24.15
Korea’s trade deficit in medical devices last year widened as the export growth rate fell and the won appreciated.
The Ministry of Food and Drug Safety said the country’s total trade deficit in medical devices in 2014 rose by 41.4 percent year on year to $520 million. In the same period, the exports of medical devices amounted to $24 billion which was up by 3.7 percent compared to a year earlier while the imports were $29.7 billion, an 8.9 percent increase from 2013.
The ministry attributed the widened trade deficit to Korea’s weakened export competitiveness due to a strong won and a steep fall in the export volume of ultrasound image systems.
The single largest export product was the ultra sound image system with $400 million shipped last year, followed by dental implants with $120 million, and soft contact lens as well as personal warmers both with $100 million. The single largest import product was stent products with $120 million, followed by soft contact lens with $100 million as well as finished spectacle lens both with $100 million.
The largest exporter in the industry last year was Samsung Medison, which shipped $220 million worth of medical devices to overseas markets. The biggest importer was Johnson & Johnson Korea with inbound shipments worth $150 million.
Meanwhile, the local medical device market has continuously expanded at an annual average growth rate of 11.3 percent over the last five years, the Ministry of Food and Drug Safety reported.
The Ministry of Food and Drug Safety said the country’s total trade deficit in medical devices in 2014 rose by 41.4 percent year on year to $520 million. In the same period, the exports of medical devices amounted to $24 billion which was up by 3.7 percent compared to a year earlier while the imports were $29.7 billion, an 8.9 percent increase from 2013.
The ministry attributed the widened trade deficit to Korea’s weakened export competitiveness due to a strong won and a steep fall in the export volume of ultrasound image systems.
The single largest export product was the ultra sound image system with $400 million shipped last year, followed by dental implants with $120 million, and soft contact lens as well as personal warmers both with $100 million. The single largest import product was stent products with $120 million, followed by soft contact lens with $100 million as well as finished spectacle lens both with $100 million.
The largest exporter in the industry last year was Samsung Medison, which shipped $220 million worth of medical devices to overseas markets. The biggest importer was Johnson & Johnson Korea with inbound shipments worth $150 million.
Meanwhile, the local medical device market has continuously expanded at an annual average growth rate of 11.3 percent over the last five years, the Ministry of Food and Drug Safety reported.