The China Chamber of Commerce for Import and Export of Medicines and Health Products (CCCMHPIE) has released its report on China’s health product trade for the first quarter of 2024, showing a 6.3% year-on-year (YOY) increase in global pharmaceutical trade, reaching USD 46.944 billion. Imports grew by 11.21% YOY to USD 21.403 billion, while exports rose by 1.75% YOY to USD 25.542 billion.
The report indicates a significant recovery in China’s pharmaceutical export trends, with a rebound from a -31% decline in Q1 2023 to a 1.75% growth in Q1 2024. This suggests that the impact of COVID-19 on exports has been mitigated, and export prices for bulk products have reached a bottom and begun to recover.
Geographically, exports of traditional Chinese medicine (TCM) and medical devices to the EU, SCO member states, and Latin America have seen growth, while exports of western medicine products have generally declined on a YOY basis. However, in markets along the “Belt and Road” initiative, RCEP, ASEAN, and Africa, China’s exports of western medicines have increased by 1.87%, 1.30%, 8.09%, and 7.92% YOY, respectively. Exports to other regions have either declined or remained stable.
Product-wise, TCM exports were valued at USD 1.285 billion, marking a 9.26% YOY decrease, while western medicine exports, which account for 51.86% of China’s pharmaceutical export market, were USD 13.247 billion, down by 3.9% YOY. This decline is the primary driver of the overall decrease in export value. Medical device exports, representing 43.04% of China’s pharmaceutical foreign trade market, experienced a 1.86% YOY increase, with a value of USD 10.993 billion.- Flcube.com
