China’s Vaccine Exports Rebound as Drugmakers Look Abroad

1. In 2025, China’s human vaccine exports rebounded after several years of decline, driven by leading pharmaceutical companies prioritizing expansion into overseas markets to counteract slowing domestic growth [para. 1]. According to China’s General Administration of Customs, vaccine exports surged to 2.318 billion yuan ($330 million), marking a 53.51% increase from the previous year, and export volume more than doubled to 357.84 tons—a 130.54% rise [para. 2]. This marks the first simultaneous increase in both value and volume since the Covid-19 pandemic, indicating a return to market stability after the pandemic-induced turmoil [para. 2].

2. The recovery in exports occurred despite persistent pressures on top firms in the industry, who noted that international sales boosted their 2025 performance. For example, Walvax Biotechnology’s overall vaccine revenue fell by about 8% in 2025, but overseas revenue grew by 35% [para. 3][para. 4]. Similarly, Beijing Wantai Biological Pharmacy reported exponential growth in international sales of its bivalent HPV vaccine, though it did not disclose specific figures [para. 5].

3. China’s vaccine trade history since the pandemic shows dramatic shifts. Exports exploded during the pandemic, reaching a peak of about 101 billion yuan in 2021—a more than 50-fold increase from previous years [para. 6]. As global Covid-19 vaccine demand evaporated, exports plunged to 6.45 billion yuan in 2022 and 1.41 billion yuan in 2023, but have since recovered as conventional vaccines displaced Covid-19 shots as the primary export products [para. 6].

4. In 2025, Liaoning province led in export value, followed by Beijing, Fujian, and Yunnan, mirroring the locations of China’s major vaccine producers [para. 7]. Major products included Hepatitis A vaccines (Sinovac), rabies vaccines (Liaoning Chengda), PCV13 (Walvax), EV71 (Institute of Medical Biology), and HPV vaccines (Wantai), according to Liu Peicheng from the China Association for Vaccines [para. 8]. Liu emphasized that most export gains are due to efforts by a handful of top-tier firms rather than the entire industry [para. 9].

5. Gaining WHO prequalification has been key to unlocking global procurement opportunities, especially for Hepatitis A, varicella, and HPV vaccines, though some products like PCV and rabies vaccines sell in substantial volumes even without this certification due to limited global supply [para. 10][para. 11]. There are now nine Chinese vaccines with WHO prequalification, spanning polio, varicella, encephalitis, flu, and HPV products from companies like Sinopharm, Sinovac, Wantai, and Walvax [para. 15].

6. China’s export destinations are primarily developing nations, with notable markets along the Belt and Road Initiative, including Ghana and Myanmar; long-term trade partners include Brazil, Bangladesh, Morocco, Indonesia, and Pakistan [para. 16]. Notably, Walvax posted 214 million yuan in overseas revenue in the first half of 2025, underscoring the importance of global expansion [para. 16].

7. Export pricing patterns shifted: In 2024, average unit prices rose even as export volume slid, but in 2025, the average price per kilogram dropped by 33% to 6,478 yuan, amid surging export volumes and a greater share of lower-priced conventional vaccines intended for public immunization programs [para. 18][para. 19][para. 20].

8. On the import side, China brought in 7.57 billion yuan worth of vaccines in 2025 (420.02 tons), their average price (18,024 yuan/kg) remaining far higher than exports [para. 21]. However, average import prices dropped 47%, likely due to decreased imports of the pricey nine-valent HPV vaccine [para. 22]. Imports sharply contracted by around 78% following a peak in 2023, reflecting high domestic inventories and a destocking cycle [para. 23][para. 24].

9. A major market development was Merck pausing Gardasil (HPV vaccine) shipments to China due to excess inventory and weak demand, which coincided with Wantai winning approval for China’s first domestic nine-valent HPV vaccine, ending Merck’s monopoly [para. 25].

10. Facing domestic stagnation, Chinese vaccine firms are intensifying overseas efforts, focusing on expanding product footprints, securing WHO prequalification, and forming international partnerships. Experts recommend joint ventures and development of products that meet both Chinese and foreign regulatory standards as future pathways for sustained growth [para. 27][para. 28][para. 29].