This file photo shows a cosmetics shop in Seoul. (Yonhap)
SEOUL, July 7 (Korea Bizwire) — South Korea’s cosmetic exports posted a record-high amount, surpassing the 10 trillion-won mark for the first time in history, data showed Thursday.
According to the Ministry of Food and Drug Safety, South Korea’s cosmetic exports grew 21.3 percent from the previous year and reached 10.5 trillion won (US$8.1 billion).
The figure was higher than those of biopharmaceutical products and smartphones, which posted $8.4 billion and $4.9 billion, respectively.
South Korea was the third-largest exporter of cosmetics in the world, after France and the United States, data showed.
Among 153 countries it exports to, China was the biggest customer of K-cosmetics, accounting for 53.2 percent of the total. Exports to the United States and Japan grew as well, with each increasing on-year by 17.7 percent and 22.4 percent, respectively.
Trade surplus in the cosmetics sector grew 28.6 percent on-year to 9.2 trillion won, remaining in the black for 10 consecutive years. Cosmetics were responsible for 25.7 percent of the country’s total trade surplus last year, data showed.
The total value of cosmetics produced recovered to pre-pandemic levels, rebounding by 9.8 percent from the previous year to 16.65 trillion won.
This was backed by a 10.73 percent increase in the color cosmetics category, which contracted last year from social distancing rules and mandatory mask wearing.
“The ministry will support the development of the domestic cosmetics industry and strengthen our international competitiveness by boldly innovating unnecessary regulations while ensuring safety. We will continue to communicate and cooperate with the cosmetics industry,” Food and Drug Safety Minister Oh Yu-kyoung said.
(Yonhap)
