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Korea’s trade deficit in medical devices widened last year

Whowired News Team  |  press@whowired.com
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승인 2015.05.13  17:05:11
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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 on Wednesday that the country’s total trade deficit in medical devices in 2014 rose by 41.4% 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% compared to a year earlier while the imports were $29.7 billion, an 8.9% 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 medical devices worth of $220 million to overseas markets while the biggest importer was Johnson & Johnson Korea with inbound shipments worth of $150 million.

Meanwhile, the local medical device market has been continuously expanding at an annual average growth rate of 11.3% over the last five years.

 

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