South Korea’s dental implant exports have reached a historic milestone, surpassing $650 million this year. (Image courtesy of Yonhap)
SEOUL, Oct. 31 (Korea Bizwire) – South Korea’s dental implant exports have reached a historic milestone, surpassing $650 million this year, according to data released by the Korea Customs Service on October 30.
Export figures for the January-September period reached $653 million, marking a 17.4% increase compared to the same period last year and setting a new record for the first nine months of any year.
The sector has maintained robust growth, with exports surging by 50.2% in 2021 and 25.1% in 2022, following a brief 6.1% decline in 2020 during the COVID-19 pandemic.
Last year’s total exports reached a record $788 million, up 11.6% year-on-year, surpassing 1 trillion won for the first time when converted at the 2022 average exchange rate of 1,306 won per dollar.
The Korea Customs Service attributes this continued export growth to consistently high global demand driven by aging populations worldwide and Korea’s reputation for high-quality products. The agency expects another record-breaking year in 2023.
South Korea currently ranks as the world’s second-largest dental implant exporter, following Switzerland. China remains the largest export destination, accounting for 38.9% of exports ($254 million) during the January-September period. The European Union follows with $78 million (12%), and Russia with $73 million (11.2%).
The number of export destinations reached 93 countries this year, slightly down from the record 98 countries in 2022. Meanwhile, imports of dental implants increased by 13% to $38 million in the first nine months of 2023.
The trade surplus in dental implants stands at $615 million, with customs officials projecting a record surplus for the year.
M. H. Lee (mhlee@koreabizwire.com)
