South Korea's cosmetics exports surge on China demandMadeinkoreablog
Exports of South Korean cosmetic products jumped more than 50 percent last year from a year earlier, buoyed by a surge in demand from Chinese consumers, data showed Thursday.
Outbound shipments of cosmetics totaled $1.87 billion last year, spiking 52 percent from the previous year, according to government and industry data.
The on-year increase was mostly powered by surging sales of Korean cosmetics products in China, with exports to the country accounting for 31 percent, or $581 million of the total.
Demand for products by Korean cosmetics manufacturers, such as Amore Pacific Co. and LG Household & Health Care Ltd., has been garnering popularity in the world’s second-largest economy on the back of popular Korean celebrities and K-pop idols.
Among the top importers of Korean cosmetics products were Hong Kong, the United States and Taiwan.
Japan ranked fourth in terms of shipment value, but the portion of exports to the country dropped 4.2 percent to 7.7 percent on slowing market growth and a weakening yen.
“Korea has a pretty good reputation among Chinese and Taiwanese compared to Japanese consumers, which is why growth potential is high,” said an industry official. “The ASEAN market is another market with high growth potential as the income level is rising.” (Yonhap)