South Korean cosmetics exports jump in 2024

Overseas shipments of South Korea's cosmetic goods grew more than 36 percent on-year in the first two months of 2024, backed by strong demand across all major markets, industry data showed Sunday, Yonhap reports.

South Korea
Photo credit: Yonhap

According to the Korea International Trade Association (KITA), cosmetics exports during the January-February period totaled US$1.51 billion, up 36.2 percent compared to a year ago.

Data showed that exports to top foreign markets, including China, the United States, Japan, Vietnam, Hong Kong and Taiwan, increased simultaneously.

Shipments to China were the biggest at $418 million, up 17.7 percent from last year.

South Korean cosmetics exports to China have experienced a prolonged decline since 2016 after Beijing then imposed a blanket ban on South Korean culture-related goods.

KITA said it does not expect a full-fledged recovery in Chinese exports this year, but the industry may see marginal increases in shipments centered on premium products.

Shipments to the U.S. came to $243 million, up 69.2 percent, while those to Japan reached $154 million, up 31.3 percent, according to KITA.

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