According to customs statistics, China's total import and export value of active pharmaceutical ingredients (APIs) and intermediates reached US$55.25 billion in 2025, representing a year-on-year increase of 2.7%. Among them, exports totaled US$42.87 billion, down slightly by 0.3%, while imports reached US$12.38 billion, up 14.5% year-on-year.
Import Growth Outpaced Export Growth
From 2016 to 2025, China's exports of APIs and intermediates maintained a generally steady upward trend, with a compound annual growth rate (CAGR) of 6.8%. In recent years, however, export growth has entered a plateau phase, mainly due to weaker overseas demand and intensified price competition.
Imports increased to US$12.38 billion, with growth exceeding that of exports. The increase was largely driven by higher import prices and a substantial rise in peptide API imports.
Between 2016 and 2025, China's API and intermediate exports increased from US$23.75 billion to US$42.87 billion, achieving a CAGR of 6.8%. Since 2023, exports have remained relatively stable, reflecting a plateau in overall market expansion. Two primary factors contributed to this trend: declining overseas demand amid a global economic slowdown and intensified industry competition resulting in lower product prices.
Although the decline in average export prices narrowed during the first half of 2025, the industry as a whole continued to rely on price concessions to maintain market share. As a result, total export value declined slightly by 0.3% year-on-year.
Meanwhile, imports increased from US$6.38 billion in 2016 to US$12.38 billion in 2025, with a CAGR of 7.6%, exceeding export growth. Import growth accelerated particularly during 2024–2025, primarily due to rising import prices.
The increase in 2025 imports was driven by two factors. First, import prices for certain basic chemical raw materials and intermediates rose to an average of US$6.1/kg, up 11.1% compared with 2024. Second, peptide API imports surged, reaching US$3.25 billion, a year-on-year increase of 47.4%.
Diverging Performance Across Key Export Categories
Vitamins, antibiotics, and hormones remained China's major API export categories in 2025, though each displayed different market dynamics.
Vitamin API Export Prices Declined
China's vitamin API exports reached US$3.75 billion in 2025, up 8.7% year-on-year.
During the first half of the year, supply disruptions affecting BASF's vitamin A and vitamin E production facilities in Germany created temporary opportunities for Chinese exporters, supporting higher export prices compared with 2024.
However, after BASF announced the restoration of vitamin A and vitamin E production capacity in July and August 2025, market dynamics shifted. Export volumes increased in the third quarter, but prices fell sharply from second-quarter levels. By the fourth quarter, average export prices for vitamin A and vitamin E had declined by 48.9% and 54.3%, respectively, compared with the first quarter, returning the market to a price-driven competition environment.
Among other vitamin APIs, export prices for vitamin C, vitamin B2, vitamin B6, and vitamin AD3 continued to decline, while vitamin B1 and vitamin B12 prices remained relatively stable.
Entering 2026, vitamin API prices may continue to face downward pressure amid intense market competition.
Penicillins Weighed on Overall Antibiotic API Performance
China's antibiotic API exports totaled US$3.07 billion in 2025, down 9.1% year-on-year, while export volume remained relatively stable at 83,000 tons.
As the largest antibiotic API export category, penicillin products generated export revenue of US$1.13 billion, down 23.8%, making them the primary contributor to the sector's decline.
Average export prices for penicillin APIs fell from US$29/kg in the first quarter to US$20.5/kg in the fourth quarter, representing a decline of 29.3%.
Similarly, average export prices for cephalosporin and quinolone APIs declined by 11.6% and 21%, respectively, between the first and fourth quarters, resulting in annual export value declines of 4.5% and 39.9%.
Other antibiotic categories remained relatively stable. Supported by increased export volumes, lincosamides, tetracyclines, and macrolides recorded export growth of 15.6%, 13.9%, and 8.9%, respectively.
Strong Demand for Peptide Hormones
The growing prevalence of diabetes, obesity, and other metabolic disorders worldwide has significantly boosted demand for insulin analogs and GLP-1 therapies.
In 2025, peptide hormone API exports achieved rapid growth, reaching US$900 million, an increase of 81.7% year-on-year. This segment became the primary growth driver for China's hormone API exports.
As a result, total hormone API exports reached US$1.83 billion, up 30.4% compared with the previous year.
During the same period, non-peptide hormone API exports totaled US$930 million, increasing by 2.6%.
Trade Landscape Continues to Evolve
In 2025, Asia and Europe remained the primary destinations for China's API and intermediate exports, while India and the United States continued to be the two largest export markets.
Asia and Europe together accounted for 74% of China's total API and intermediate exports.
Exports to Asia reached US$19.01 billion, up 1.0%, while exports to Europe totaled US$12.74 billion, up 1.6%.
Exports to Africa increased by only 0.4%, while exports to North America, Latin America, and Oceania declined by 8.7%, 2.3%, and 1.4%, respectively.
India remained China's largest export market, with exports reaching US$6.26 billion, up 2.1% year-on-year. The top export categories were antibiotics (US$960 million), amino acids (US$290 million), and hormones (US$270 million).
Exports to the United States totaled US$4.07 billion, down 9.9% year-on-year. Vitamins (US$620 million), hormones (US$460 million), and amino acids (US$240 million) were the leading categories.
Brazil, Japan, the Netherlands, South Korea, and Germany formed the second tier of export markets, with export values ranging from US$1.78 billion to US$2.01 billion. Russia, Vietnam, Ireland, Italy, Spain, Indonesia, Switzerland, Thailand, and Mexico constituted the third tier.
On the import side, Europe and Asia remained China's primary sourcing regions.
Imports from Europe reached US$7.33 billion, up 19.3%, while imports from Asia totaled US$4.01 billion, up 13.1%.
Denmark further strengthened its position as China's largest source of API and intermediate imports. Imports from Denmark reached US$3.1 billion, a substantial increase of 57.1%, accounting for 25% of total imports.
Denmark first became China's largest API import source in 2023. Over the years, imports of peptide hormones from Denmark have grown rapidly, achieving a CAGR of 49.9%.
Ireland ranked as China's second-largest import source, benefiting from pharmaceutical manufacturing clusters established by multinational companies. Imports from Ireland reached US$1.44 billion, up 25% year-on-year.
Indonesia, Germany, India, Japan, and the United States formed the second tier of import sources, with import values ranging from US$680 million to US$940 million.
Notably, Indonesia became China's third-largest import source primarily due to rising glycerin prices. Driven by supply chain constraints and strong downstream demand, refined glycerin prices increased significantly. As a major producer of refined glycerin and a key supplier to China, Indonesia exported US$460 million worth of glycerin to China in 2025, up 72.6% year-on-year.
Outlook
As the global trade landscape undergoes rapid restructuring, diversification of trade relationships and reduced dependence on external supply chains have become strategic priorities for many countries and regions. This trend is also reshaping the global API industry.
However, pharmaceutical supply chains are inherently resilient and cannot be restructured overnight. Despite challenging market conditions, China's API exports demonstrated strong resilience throughout 2025.
Looking ahead to 2026, Chinese API manufacturers will face increasingly intense international competition, higher regulatory standards, and a more complex global policy environment. To remain competitive, companies must proactively adapt to evolving international regulations, strengthen their core capabilities, leverage industrial advantages, expand product portfolios, explore new markets, and establish new partnerships.
Only by doing so can they seize opportunities and maintain sustainable growth amid the ongoing transformation of global trade and pharmaceutical supply chains.
