S. Korea's biotech industry output rises 9.8 pc despite global uncertainty

Seoul, Nov 11 (IANS) South Korea's biotechnology industry output grew nearly 10 per cent in 2024 from a year earlier despite persistent global trade uncertainties, industry data showed on Tuesday.

The country's biotechnology industry production came to 22.92 trillion won (US$15.7 billion) last year, up from 20.87 trillion won in 2023, the Ministry of Trade, Industry and Energy (MOTIE) said, citing a survey by the Korea Biotechnology Industry Organization (KoreaBIO).

The figure marked a recovery following a 12 percent on-year decline in 2023, signaling renewed growth momentum in the sector, reports Yonhap news agency.

By product category, production of therapeutic antibodies and cytokine products reached 4.86 trillion won, followed by biomanufacturing and contract services at 3.21 trillion won, and feed additives at 3.11 trillion won, the data showed.

Exports in the sector rose 17.1 percent on-year in 2024, while related R&D and facility investments jumped 46.1 percent, the ministry said.

"The government will expand support for companies in R&D, production and exports to ensure the bio industry contributes more to the country's economic growth and job creation," a ministry official said.

Meanwhile, Seoul shares opened higher on Tuesday, tracking overnight gains on Wall Street, amid hopes for an end to the U.S. government shutdown.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 89.06 points, or 2.19 percent, to 4,162.30 in the first 15 minutes of trading.

Overnight, the Dow Jones Industrial Average gained 0.81 percent, while the tech-heavy Nasdaq Composite advanced 2.27 percent.

The U.S. Senate advanced a plan to end the record-long government shutdown, and President Donald Trump expressed support for the bipartisan deal.

In Seoul, most large-cap stocks traded higher.

Market bellwether Samsung Electronics jumped 3.88 percent, and its chip rival SK hynix climbed 3.3 percent.

Top automaker Hyundai Motor rose 0.74 percent, while its smaller affiliate Kia gained 0.97 percent.

--IANS

na/