SEOUL, May 4 (Korea Bizwire) – The United States ranked as the fourth-largest overseas market for South Korean cosmetic products in the first quarter of 2017 despite concerns of protectionism, a trade association said Thursday.
In the January-March period, South Korean companies trailed French, Canadian and Chinese firms in terms of makeup products shipped to the world’s largest economy, the Korea Trade-Investment Promotion Agency (KOTRA).
The ranking is up by one from last year when South Korea stood in fifth place.
“Korean firms represented by AmorePacific have more room to grow in the U.S. market as they make excellent quality products that are competitively priced,” a KOTRA spokesman said.
As they cannot beat Chinese rivals in terms of price, however, they need to continue to provide top-notch products at reasonable prices, he said.
South Korean cosmetics sales jumped 61 percent in the first quarter compared to a year earlier, far exceeding France’s 8.1 percent growth and China’s 38 percent increase, KOTRA said.
Numbers for Canada fell 16 percent, during the same period, the trade promotion agency said.