An advertisement of a lipstick product is displayed at a department store in Seoul, in this file photo taken March 20, 2023. (Yonhap)
SEOUL, Sept. 4 (Korea Bizwire) — South Korea’s exports of lipsticks are anticipated to hit a new record in 2023, the customs agency said Monday, on the back of increasing demand as people have taken off masks around the globe.
The outlook came as exports of the products reached a record high of US$198 million over the January-July period, soaring 63.5 percent on-year, according to the data compiled by the Korea Customs Service.
The agency said the sharp growth came as consumers around the globe returned to pre-pandemic normalcy, taking off masks while purchasing more cosmetic products.
Sales of budget products, such as lipsticks, also tend to rise during economic uncertainties, it added.
Over the seven-month period, the United States accounted for 42.2 percent of the exports, followed by Japan and China with 15.1 percent and 9.5 percent, respectively.
As of July, South Korean lipsticks had been sold to 125 countries, slightly up from the previous year’s 122 nations, setting a new record, it added.
(Yonhap)
