S. Korea’s cosmetics exports expand on strong demand from N. America, Europe in 2023: data

Exports of South Korea's cosmetics gained ground last year due to rising demand from North America and Europe, government data showed Monday. Overseas sales of South Korean beauty products rose 6.4 percent to US$8.5 billion in 2023 from a year earlier, according to the data by the Ministry of Food and Drug Safety. This marked the second-highest annual figure, following $9.2 billion in exports recorded in 2021. China remained the biggest buyer of South Korean cosmetics last year with $2.8 billion won, down 23.1 percent from a year earlier. But exports to North America soared 44 percent on-year to $1.3 billion, and those to Europe vaulted 49.7 percent to $1.1 billion. In particular, the United States bought $1.2 billion worth of South Korean cosmetics, a 44.7 percent increase from a year ago. As a result, South Korea became the fifth-largest cosmetics exporter to the world's largest economy. Exports to the Middle East, Oceania, and Central and South America also jumped 39.9 percent, 39.2 percent and 28.7 percent last year from a year ago, respectively. Moreover, the ministry said the positive trend in South Korean cosmetics exports continued in the first quarter of 2024. Cosmetics exports expanded 21.7 percent on-year to $2.3 billion won in the January-March period, marking the largest quarterly figure. Meanwhile, South Korea imported $1.3 billion worth of cosmetics, down 1.5 percent from a year ago. Source: Yonhap News Agency