South Korea's bio industry slightly grew in 2014 from the previous year as robust medicine exports offset sluggish domestic demand, a report showed Sunday.

The value of the local bio industry was estimated at 7.6 trillion won ($6.14 billion) in 2014, inching up 1.1 percent on-year mostly due to a rise in exports, the Ministry of Trade, Industry and Energy said.

Exports of bio products increased 7.4 percent on-year to 3.39 trillion won in 2014, while imports edged up 1 percent to 1.4 trillion won.

The domestic bio market retreated 2.4 percent to 5.59 trillion won during the period.

The food and medicine sectors accounted for over 70 percent of manufacturing and domestic consumption.

The medicine industry showed the fastest growth, with sales of immune system drugs jumping 79 percent, the ministry said.

A total of 975 companies were involved in the Korean bio industry as of 2014, with 7 out of 10 generating profits, it said. (Yonhap)