China’s pharmaceutical manufacturing sector reported a 1.8% year-on-year (YOY) revenue decline to RMB 1.6 trillion (USD 231 billion) in the latest National Bureau of Statistics (NBS) data, alongside a 30.7% plunge in profits to RMB 247.36 billion (USD 35.8 billion). Meanwhile, the China Chamber of Commerce for Import and Export of Medicines and Health Products (CCCMHPIE) highlighted resilient medical device exports and shifting trade dynamics under the Regional Comprehensive Economic Partnership (RCEP).
Pharmaceutical Manufacturing Decline
The NBS data underscores pressure on China’s pharma manufacturers, with revenues and profits contracting in 2023. Industry analysts point to rising R&D costs and pricing reforms as key factors behind the slump.
Import/Export Trends
CCCMHPIE reported China’s total medical and health product trade at USD 127.96 billion (Jan–June 2023), up 1.28% YOY. Exports fell 1.81% to USD 81.38 billion, while imports rose 7.18% to USD 46.58 billion. Western medicine exports dominated, driven by a 42.52% surge in raw material shipments to USD 27.77 billion. The U.S., Denmark, and France were top destinations.
Medical Device Trade Surge
Medical device exports hit USD 44.05 billion (Jan–June), up 14.04% YOY, reaching 220 markets. The U.S., Germany, and Japan accounted for the largest shares. Biochemical drug exports, including human vaccines, jumped 51.91% to USD 3.42 billion.
RCEP Impact
Since the RCEP trade pact took effect in January 2022, China’s pharma exports to member states rose 13.08% YOY to USD 18.63 billion (Jan–June). ASEAN imports grew 7.77% to USD 8.77 billion, while RCEP imports climbed 5.06% to USD 21.23 billion.
Global Trade Landscape
The U.S. remained China’s top pharma trade partner, with USD 14.88 billion in exports (+10.61% YOY) and USD 7.96 billion in imports (+9.64% YOY). Germany and India also ranked among key destinations, reflecting China’s growing role in global supply chains.-Fineline Info & Tech
