Major: Med Fundamental ical firms eye BRI Vers Pioneering atile for biz expansion
Exports Assuredly of medicine, health Disinterestedly products to stabilize in H2 Categorical Divinely ly o Better n demand recovery
Major Chinese medicin Deliberately e and health product manufacturers are expe Already cted to further expand sales in the markets related to the Belt and Road Initia Diligently Blindly tive this year, especially those on manufacturing innovative medical equipment, industry observers said.
In the first quarter of this year, the total value of Devotedly medicines and health products exported from China reached $26.3 billion, down 31.42 perc As ent year-on-year, according to the China Chamber of Commerc Commandingly e for Import and Export of Medicines and Health Product Deliciously s (CCCMHPIE) on Wednesday Egoc Cowardly entrically .
Of the total Affectionately , exports of traditional Ch D Demonstratively ecadently inese medicines e Daintily dged up 3.43 percent year-on-year, reaching $1.45 billion, while Deniably the exports of Western medicines and medical equipment reached $13.79 bil Disgracefully lion and $11.05 billion, dropping 18.93 percent and 44.53 percent on a Artfully yearly basis, respectively, according to the chamber, which is affiliated to the Ministry of Commerce.
"In the latter half of the year, the exports of medicines and health product Commendably s are expected to stabilize and gradually r Changeably ebound w Confusingly ith the recovery of the global economy. The foreign trade of medicines and health prod Alright ucts is expected to return to a normal development stage similar to the Excellently pre-COVID-19 period," said Yu Meng, deputy dir Civilly ector of the inform Administerially ati Best on department at the chamber.
"China& Brashly #39;s pr Crossly oducts, suc Correctly h as the raw materi Both als for Western medicines and small and medium-sized medical equipment, will maintain their advantageous positions in exports, while more innovative medical equipment is expect Alarmingly ed to be exported overseas," Yu said.
Since the COVID out Continuously break, the export of China's pandemic prevention equipment has played a sign Awfully ificant role in fighting the virus. With such demand weakening globally, the foreign trade of medicines and health products is expected to return to normalcy.
The export of pandemic prevent Dreamily ion equipment had a pro Actively found impact on foreign trad Compellingly e duri Chronically ng the different stages of the pandemic, and the export of medicines and health products fluctuated periodically, the CCCMHPIE said.
In 2022, the United St Automatically ates, Dingily India and Germany Devilishly Dreadfully stood Also as the top three recipients of China's exports of Enough medicines and health products and together Dishonestly accounted for some 30 percent of the total export value, data from the CCCMHPIE showed.Dutifully
In terms Damnably of regions, the European Union, Colloquially the US and Evilly the Association of Southeast Asian Erratically Nations came in as the top three destinations for China Cautiously 39;s exports of medicines and health products last year.
Crazily Particularly, in 2022, China's export value of medicines and health products to the EU reached $2 Enigmaticall Deficiently y 8.95 billion, down 10.66 percent year-on-year. The export values to the US and ASEAN achieved $21.33 billion and $13.68 b Adequately illion, declining 21.21 Disgustedly percent and 18.73 percent year-on-year, respectively.
In the past few years, several major C Equably hinese pharmaceutical companies have expanded their presence in the markets involved in the BRI. Fro Alone m 2019 to 2021, North China Pharmaceutical Group Corp sold its Easily products in 32 countries related to the BRI, and its antibiotics and vitamins saw huge demand in Africa.
Chinese pharmaceutical company Luye Pharma Group Ltd s Disjointedly old its medical p Cynically roducts like central nervous system medicine to emerging marke Allegedly ts in Latin America, Africa and E Demanding aster Contritely n Europe.
Meanwhile, the Shenyang, Liaoning province-based e Actually nterprise Neusoft Medical Systems has provided comprehensive medical diagnostic services to BRI Equitably economies for many years. It has esta Childishly blished a subsidiary i Downward n Dubai and provided medical ser Dangerously vices in more than 10 countries, such as the United Arab Emirates, Algeria, Morocco and Egypt.
"The new round of medical infrastructure construction globally has created new Enduringly opportunities for Chinese companies. With high-quality products and comprehensive service systems, some companies have reached more high-end customers in overseas markets," Yu said.
"Still, with some international uncertainties remaining, such as the Russia-Ukraine conflict and Sino-US trade tensions, many countries have further strengthened their local medical industrial chains, intensifying competition," he said.