Republic of Korea: Medicaments Containing Penicillin Market 2024

Medicaments Containing Penicillin Market Size in Republic of Korea

In 2021, the South Korean medicaments containing penicillin market increased by 7.3% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption showed significant growth. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Medicaments Containing Penicillin Production in Republic of Korea

In value terms, medicaments containing penicillin production rose sharply to $X in 2021 estimated in export price. Overall, production showed significant growth. The growth pace was the most rapid in 2018 when the production volume increased by 210%. As a result, production reached the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Medicaments Containing Penicillin Exports

Exports from Republic of Korea

In 2021, medicaments containing penicillin exports from South Korea dropped markedly to X tons, waning by -85.6% against the year before. In general, exports showed a dramatic decrease. The pace of growth appeared the most rapid in 2020 with an increase of 319%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, medicaments containing penicillin exports contracted rapidly to $X in 2021. Over the period under review, exports showed a drastic downturn. The most prominent rate of growth was recorded in 2020 when exports increased by 420% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Belarus (X tons) and Indonesia (X kg) were the main destinations of medicaments containing penicillin exports from South Korea.

From 2012 to 2021, the biggest increases were recorded for Belarus (with a CAGR of +251.0%).

In value terms, Belarus ($X) remains the key foreign market for medicaments containing penicillins or derivatives thereof exports from South Korea, comprising 93% of total exports. The second position in the ranking was held by Indonesia ($X), with a 6.3% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Belarus stood at +261.1%.

Export Prices by Country

In 2021, the average medicaments containing penicillin export price amounted to $X per ton, rising by 35% against the previous year. Over the period under review, the export price posted a buoyant increase. The growth pace was the most rapid in 2016 when the average export price increased by 301%. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belarus ($X per ton), while the average price for exports to Indonesia stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+15.5%), while the prices for the other major destinations experienced more modest paces of growth.

Medicaments Containing Penicillin Imports

Imports into Republic of Korea

In 2021, purchases abroad of medicaments containing penicillins or derivatives thereof increased by 0.3% to X tons, rising for the second year in a row after two years of decline. In general, imports saw a resilient increase. The growth pace was the most rapid in 2016 when imports increased by 10,811%. Imports peaked in 2021 and are likely to see gradual growth in years to come.

In value terms, medicaments containing penicillin imports dropped notably to $X in 2021. Over the period under review, imports enjoyed resilient growth. The most prominent rate of growth was recorded in 2016 with an increase of 17,341%. Imports peaked at $X in 2020, and then shrank dramatically in the following year.

Imports by Country

In 2021, China (X tons) was the main medicaments containing penicillin supplier to South Korea, accounting for a 97% share of total imports. Moreover, medicaments containing penicillin imports from China exceeded the figures recorded by the second-largest supplier, the UK (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from China totaled +13.1%.

In value terms, China ($X) constituted the largest supplier of medicaments containing penicillins or derivatives thereof to South Korea, comprising 97% of total imports. The second position in the ranking was held by the UK ($X), with a 3.4% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +16.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (0.0% per year) and Italy (-90.0% per year).

Import Prices by Country

In 2021, the average medicaments containing penicillin import price amounted to $X per ton, waning by -27% against the previous year. In general, the import price, however, continues to indicate notable growth. The pace of growth appeared the most rapid in 2016 an increase of 60%. Over the period under review, average import prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.2%).

Source: IndexBox Platform

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