S Korea becomes top buyer of Turkish pharmaceutical industry

ANKARA

Türkiye’s pharmaceutical exports reached a total of $9.12 billion over the past five years, with South Korea emerging as the leading destination at $2.18 billion, according to data from the Turkish Statistical Institute (TÜİK).

Annual export figures stood at $1.7 billion in 2020, $1.68 billion in 2021 and $1.68 billion in 2022. The number rose to $1.98 billion in 2023 and further increased to $2.08 billion in 2024.

During the same period, Türkiye’s pharmaceutical imports amounted to $26.06 billion, underlining a significant trade gap despite the steady growth in exports.

South Korea ranked first among export destinations with $2.18 billion. Hungary followed with $659.7 million, Iraq with $460.7 million, Azerbaijan with $336.3 million and Georgia with $283.4 million.

European countries played a particularly important role in Türkiye’s export growth. Hungary stood out with a dramatic increase, as exports to the country jumped from just $4.2 million in 2020 to $427.6 million in 2024, marking a nearly 102-fold rise. Georgia also showed strong momentum, with exports climbing from $29.7 million in 2020 to $124.3 million in 2024, a fourfold increase.

Other notable markets included Poland, which imported $271.9 million worth of pharmaceuticals over the five-year period, Germany with $198.6 million and Switzerland with $151.8 million.

In the first seven months of 2025, Türkiye’s pharmaceutical exports already exceeded $1.4 billion. During this period, exports to Hungary reached $293.2 million, while shipments to South Korea totaled $209.2 million.