FRIDAY, April 19, 2024

South Korea's beauty exports hit all-time high of $2.3b in Q1

South Korea's beauty exports hit all-time high of $2.3b in Q1

South Korea’s exports of cosmetics jumped around 22 % on-year to hit an all-time high in the first quarter of this year, amid the growing international popularity of Korean culture, government data showed Tuesday.

According to the Korea Customs Service, the country’s exports of cosmetic products came to US$2.3 billion in the January-March period, up 21.7 % on-year from the same three-month period last year. The export figure is the highest ever for the first quarter.

South Korea’s cosmetics exports had ups and downs in the previous years. In 2021, the country’s cosmetics exports hit an all-time high of US$9.22 billion but fell to US$7.98 billion in 2022 due to falling demand in China. Last year, cosmetic exports rebounded to US$8.49 billion and have been continuing its upward trend this year.

The customs agency said the increasing popularity of Korean culture around the world has helped the country’s beauty products increase their sales overseas.

According to the customs agency’s data, the number of countries where South Korea exports its cosmetics products has also reached an all-time high of 175 in the first quarter. Korea’s cosmetic exports to 110 countries also set new records, the data added.

By region, China was still the largest export destination with US$610 million, followed by the United States with US$380 million, Japan with US$240 million, and Vietnam with US$150 million.

However, the data also noted that cosmetic exports to China have been declining over the past years. During the first three months of 2021, cosmetic exports to China accounted for 53 % of the total, but the figure went down to 32.7 % in the same period in 2022 and to 26.6 % this year.

By product, exports of skincare products increased 25.8 % on-year to surpass US$1 billion, supporting the increase of South Korea’s cosmetic exports in the first quarter of this year. Exports of skincare products accounted for 44.4 % of total cosmetic exports as well. Outbound shipments of colour cosmetics such as lipsticks and nail polish amounted to US$360 million, taking up 15.5 % of the total.

Shim Woo-hyun

The Korea Herald

Asia News Network