Korea's medicine exports hit an all-time high of $2.3 billion last year despite a continued drop in the nation's overall outbound shipments of goods, data showed Monday.

The amount marks a 28.5-percent increase from a year earlier, according to a report by the Korea Pharmaceutical Manufacturers Association. 

Asia's fourth-largest economy suffered an 8-percent fall in its total exports in 2015.

Imports of medicine also shrank 1.8 percent on-year to $5.1 billion last year, helping improve the country's current account on medicine trade.

Korea has stepped up efforts to promote the biotech industry in search of a new economic growth engine.

"The exports of domestic medicine are continuing to grow regardless of Korea's sluggish total trade recently," Cho Young-tae, a researcher at Trade Statistics Service, said.

A deficit in medicine trade slightly decreased last year as exports posted sharp growth, while imports were slightly down, he noted.

Cho, however, pointed out the need for Korea to diversify its drug exports, currently focused on the Chinese and Japanese markets.

"It's the time to expand exports to the U.S. and Europe, the world's largest medicine importers, beyond Asia," he added. (Yonhap)