Cosmetics exports jump 36.2 pct during Jan.-Feb. period

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. 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. Source: Yonhap News Agency