South Korean cosmetics exports rose 15% last year.
K-Beauty isn’t going away anytime soon. South Korea’s exports of cosmetics rose 15% to $6.12 billion last year. The gain was attributed to growing demand in the US and Asian countries, according to the Korea Customs Service and the Korea Cosmetic Association. For the period, South Korea’s imports of cosmetics fell 10.7% to $1.07 billion. The increase bucks warnings from naysayers. For the past year or two, industry observers had suggested the good times had passed for K-Beauty.
South Korea’s cosmetics exports have posted double-digit gains from 2012; the only exception was 2019, when sales rose just 4.2%.
This year, shipments surged 32.4% to $1.88 billion, according to sources. The growth was attributable to the cultural wave of “hallyu” overseas, which refers to the boom of South Korean-made entertainment goods, including pop music, movies and TV dramas.
By destination, exports to China soared 24.6%, with shipments to Japan and Vietnam also moving up 58.7% and 17.6% over the cited period, respectively.
However, the country’s total 2020 exports fell 5.4% to $512.8 billion.
Post time: Mar-19-2021