Korea’s cosmetics exports hit record $2.3 bn in Q1

2024.04.03 10:57:01 | 2024.04.03 10:59:16

[Courtesy of Shinsegae Duty Free]이미지 확대

[Courtesy of Shinsegae Duty Free]

South Korea’s cosmetics exports soared nearly 22 percent to an all-time high of $2.3 billion in the first quarter of 2024, mainly driven by strong demand for skincare products, data showed on Wednesday.

According to the Korea Customs Service, the country’s cosmetics exports totaled $2.3 billion in the January-March period, up 21.7 percent from the same period a year ago. It marks the highest figure for the first quarter.

Cosmetics exports hit an all-time high of $9.22 billion in 2021, but fell to $7.98 billion in 2022 amid weak demand in China.

Exports, however, rebounded to $8.49 billion in 2023 and has been continuing its upward trend in 2024.

The customs agency attributed the rise to the global popularity of K-beauty amid growing interest in Korean culture.

By product, exports of basic cosmetics such as skincare products accounted for 44.4 percent of the entire exports.

Outbound shipments of color cosmetics such as lipsticks and nail polish amounted to $360 million, taking up 15.5 percent of entire exports. Beauty products such as mask packs accounted for 10.4 percent.

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

By Pulse

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