South Korean exports of cosmetic products reached $2.45bn last year, surging by 53.1% from the $1.56bn recorded in 2014, according to data from Korea Customs Service (KCS).
In the past five years, exports of cosmetics from South Korea have more than tripled due to demand from China and other Asian countries.
KCS operates under the South Korean Ministry of Strategy and Finance. Its data revealed last year’s figure increased by threefold from $698m in 2011, with an annual average growth of 36.9% during the 2011-15 period, reports Yonhap.
Last year, the country’s total volume of cosmetics exports was 90,491t, against 31,606t in 2011.
KCS was quoted by the publication as stating: "Korean-made cosmetics appeal to overseas consumers on the back of the rising popularity of Korean movies, pop and TV series."
China became the largest buyer of Korean beauty products, importing products worth $999.5m last year. This accounts for 40.6% of South Korea’s total cosmetics exports.
With $606.4m worth of import of Korean cosmetics, Hong Kong stood second.
The US was third with $207.3m, followed by Japan with $113.7m.
However, exports to Japan have dropped because of the weak yen and a difficult diplomatic relationship, reports Korea Bizwire.
Korean cosmetics were shipped to 131 countries last year, compared to only 118 in 2011, with new markets in Central Asia being Uzbekistan and Libya in Africa.
Half of the exports comprised basic skin makeup products such as lotions, toners, eye cream, as well as facial masks packs. This was followed by foundations (9.9%), eye makeup (4.2%) and lip makeup (1.9%).
Image: 2015’s total volume of South Korean cosmetics exports was 90,491t against 31,606t in 2011. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.
