According to numbers from the South Korean Ministry of Trade, Industry and Energy published by Hankyung Health (link in Korean), South Korea exported more than $350 million worth of COVID-19 tests kits between March and May. According to the report, South Korean test kits are heavily sought after globally, but May saw demand and also prices soften. As more and more companies worldwide are supplying them - and prices suffered as a result - the value of test kits exported from South Korea dropped by around 35 percent between April and May.
Yet, raw materials used to make the kits have been growing more expensive as they are sought after globally, according to manufacturers. This has been affecting company’s bottom lines negatively. Seegene was the biggest among the test kit makers in the country, exporting 11 million units in May, followed by companies Sugentech and SolGent at 6 million and 4 million exported kits, respectively.