SEOUL, Dec. 20 (BNA): South Korea’s vital industry production and exports expanded at the fastest clip ever in 2020 amid the coronavirus pandemic, data showed Monday.
The output of the domestic biotechnology industry was estimated at 17.5 trillion won (US$14.7 billion) last year, up 38.2 percent from the previous year, according to data from the Korea Biotechnology Industry Organization and the Ministry of Commerce, South Korea’s Yonhap News Agency. mentioned.
It was the highest year-over-year growth rate so far. Bioindustry production has been growing at a double rate since 2016.
The biopharmaceutical sector accounted for the bulk of last year’s total production with 28.9 percent.
The biomedical equipment industry’s share rose to 22 percent last year from 8.2 percent a year earlier due to strong demand for test kits during the COVID-19 pandemic.
The data also showed exports of vital products rose 53.1% year-on-year to just over 10 trillion won. It was the biggest gain on an annual basis, and marked the first time the country’s vital exports had crossed the 10 trillion won mark.
The surge led a 439.1 percent increase in overseas shipments of testing kits amid the coronavirus pandemic.
Imports of the vital sector increased 13.5 percent year on year to 2.3 trillion won last year, with biopharmaceuticals taking the largest portion at 79.6 percent.
The bio-industry’s workforce reached 53,546 in 2020, up 10 percent from the previous year, with its investment increasing 3.7 percent year-on-year to 2.7 trillion won, according to the data.
MI