Global slowdown doesn’t hurt cosmetics exports

Korea’s exports and imports of cosmetics products rose sharply in 2011 from a year ago despite an economic slump at home and abroad, government data showed yesterday.
Overseas shipments of Korean cosmetics reached $805 million last year, up 34.8 percent from the previous year, according to the data from the Korea Food and Drug Administration.

Imports of the cosmetics products also jumped 16.2 percent on-year to $989 million in 2011, leading to a $184 million trade deficit for the year, said the KFDA.

The KFDA added that the country’s deficit in cosmetics trade has been narrowing after peaking at $349 million in 2008 on the back of rising exports of Korean aesthetic goods.

China was the biggest market for Korean cosmetics, as Korean firms shipped $228.7 million worth of beauty products to the neighboring country last year.

Exports to China accounted for 31.7 percent of the total cosmetics exports last year, followed by Japan with a share of 16.9 percent and Hong Kong with a 12.8 percent.

Korea imported $257.4 million worth of U.S. cosmetics in 2011, and $254.7 million from France.