Korea's cosmetics exports reach record high of $10.2 billion

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Korea's cosmetics exports reach record high of $10.2 billion

Published: 06 Jan. 2025, 19:13 Updated: 06 Jan. 2025, 19:14

PARK EUN-JEE
[email protected]

Audio report: written by reporters, read by AI

A cosmetics section at a supermarket in Seoul on July 17, 2024. [YONHAP]

Korea's exports of cosmetic products hit an all-time high last year to exceed the $10 billion level as K-beauty items enjoyed robust demand across the globe — especially in the United States and Japan. China remained the biggest importer, but its portion shrank.

Combined shipments of cosmetic products jumped 20.6 percent on-year to an all-time high of $10.2 billion in 2024, the Ministry of Food and Drug Safety said in a press release.

By country, China was the biggest importer of Korean cosmetics, with purchases worth $2.5 billion, accounting for 24.5 percent of cosmetics exports.

This is the first time that the figure has slipped to the 20 percent range as China’s domestic brands gain traction over Korean brands. The metric stood at 32.8 percent in 2023 and 45.4 percent in 2022.

On the other hand, shipments to the United States jumped 57 percent, or $690 million, to $1.9 billion, marking the highest increase among importers.

Japan recorded a record high of $1 billion, up 29.2 percent or $230 million.

The United Arab Emirates made it into the top 10 importing countries, placing ninth with $170 million.

“The government will strengthen cooperation with trading partner countries to help local firms continue the growth of cosmetic exports while helping them meet safety standards in the United States and China,” Oh Yu-Kyoung, minister of food and drug safety, said in the release.

By product type, basic skin care items took up the largest share at $7.67 billion, followed by color cosmetics at $1.35 billion.

The record result was bolstered by the growing popularity of Korean cultural content, such as K-pop and K-dramas, the ministry added.

BY PARK EUN-JEE, YONHAP [[email protected]]