The China Chamber of Commerce for Import and Export of Medicines and Health Products (CCCMHPIE) has released a summary of China’s health sector trade performance for the first nine months of this year. China’s global pharmaceutical product trade reached a total of USD 147.491 billion, with imports valued at USD 68.316 billion, marking a decline of 3.38% year-on-year (YOY), and exports totaling USD 79.175 billion, an increase of 3.12% YOY.
Exports of Western medicine products remained stable, with a value of USD 39.948 billion, up 2.85% YOY, providing significant support for overall export growth. Traditional Chinese medicine (TCM) exports continued to grow rapidly, with a value of USD 5.221 billion, up 10.14%. Increased R&D investments by domestic pharmaceutical companies have led to the launch of innovative drugs and biopharmaceuticals in European and American markets, contributing to the growth of Western medicine product exports.
Except for medical dressings, various medical equipment product exports increased to varying degrees. The decline in medical dressing exports compared to the same period last year also narrowed, from 47.7% to 3.36%. The fluctuation in the export of COVID-19 related epidemic prevention materials has been largely eliminated. Exports to the European Union and the United States increased by 9.36% and 7.31% respectively, indicating the continued enhancement of cost-effectiveness and substitution ability of China’s medical device products in overseas markets.
During the first three quarters of 2024, exports of pharmaceutical products to countries along the “Belt and Road Initiative” reached USD 25.82 billion, up 4.28% YOY. The export share to emerging markets such as the Association of Southeast Asian Nations (ASEAN), Africa, Latin America, and other regions continued to grow. Export values to the ASEAN region, Africa, and Latin America reached USD 8.717 billion, USD 3.317 billion, and USD 7.345 billion respectively, up 3.17%, 7.04%, and 8.51% YOY. The rise of emerging markets has provided new growth opportunities for China’s pharmaceutical product exports.
The long-term decline trend of pharmaceutical imports is evident, with Western medicine and diagnostic and treatment equipment products experiencing the most significant decline in import share. Western medicine imports decreased by USD 2.422 billion in value terms compared to the same period last year, down 12.64%. Diagnostic and treatment equipment decreased by USD 1.413 billion compared to the same period last year, down 6.2%. Their combined reduction of USD 3.835 billion reflects the development of China’s pharmaceutical market. With the improvement of research and innovation capabilities of domestic pharmaceutical companies, the level of import substitution for drugs and equipment has further increased.- Flcube.com
