Resilient healthcare

Trade in pharmaceuticals skyrocketed in 2020

06/04/2021 PNG

2020 was a good year for trade in pharmaceuticals and other medical products related to the pandemic. Facemasks trade surged in 2020 with imports by the United States, the European Union and the United Kingdom increasing by 321%, 1064% and 1122%, respectively.

More generally, Korea’s exports of pharmaceutical products boomed, up 81.3%, with exports of COVID-diagnostic kits skyrocketing. While Germany and Switzerland, the world’s top 2 exporters of pharmaceutical products, saw more modest increases, China’s exports of medical devices increased by 40.5% in 2020.

Read more in the OECD International Trade Pulse.