(Yicai Global) June 22 -- The value of healthcare products exported from South Korea to China reached USD90 million last year, with an annual growth rate of 41 percent in last four years, a report released yesterday by the Korea International Trade Association's Beijing Center shows.
The proportion of imported health products in China that were made in South Korea rose to 6.2 percent in 2016 from 2.7 percent in 2012. South Korea was bested by the US (23.4 percent), Australia (15.8 percent), Thailand (7.4 percent) and Taiwan (7.4 percent).
Korean health products have become more popular in China, but strict certification procedures restrict South Korean enterprises' access. Some 16,625 types of certified health products were on the Chinese market as of February. Imports accounted for 4.5 percent of them. Only 37 Korean health products have acquired Chinese certification.
Korean enterprises must gain a full understanding of the local certification system and make thorough preparations if they intend to expand to China's healthcare market and must verify that they are not using banned substances, the report said.