The Ministry of Industry and Information Technology (MIIT) has released a report on the first half of 2024 pharmaceutical foreign trade trends in China, showing a slight decline in the overall trade volume. The import and export trade of pharmaceutical products between China and the global market reached USD 97.755 billion, marking a 1.87% year-on-year (YOY) decrease. Imports fell by 5.93% YOY to USD 45.176 billion, while exports saw a modest increase of 1.91% YOY, reaching USD 52.579 billion.
Post-COVID-19, China’s pharmaceutical exports are showing signs of normalization. Active pharmaceutical ingredients (APIs), which make up 40% of exports, are experiencing stabilizing and rebounding export prices, with a YOY growth rate turning positive by 0.13%, contributing significantly to the stability of overall exports. The export of traditional Chinese medicine (TCM), medical consumables, and diagnostic equipment has seen rapid growth, further optimizing the export product structure. The EU and US markets have rebounded, growing by 3.8% and 5.2% respectively, compensating for weaker markets in India and Japan. Meanwhile, the ASEAN and South American markets continue to show steady growth, indicating a trend towards market diversification.
On the import side, the value of Western medicine preparations decreased by 17.51% due to the substitution by domestic innovative drugs, biopharmaceuticals, and generic drugs. The improvement in local pharmaceutical companies’ R&D capabilities and the impact of volume-based procurement policies are expected to increase the market share of domestic drugs, suggesting a continued trend of declining drug imports.
Product-wise, TCM products’ export value in the first half of the year was USD 2.657 billion, down 6.99% YOY. In contrast, Western medicine products saw an increase in export value by 1.91% YOY to USD 26.937 billion. Medical device products’ export value rose by 3.12% YOY to USD 33.976 billion.
Market-wise, TCM product exports experienced growth in various regions including the EU, the US, Latin America, India, Africa, and Russia. In markets along “the Belt and Road,” the EU, the US, ASEAN, South Korea, Latin America, and Africa, Western medicine products exhibited growth in both volume and price. The export volume of China’s medical device products also increased year on year in the “the Belt and Road,” EU, the US, ASEAN, Latin America, and India markets.- Flcube.com
