Korea's Cosmetics Exports Hit Record
26 April, 2021
Korea's cosmetics exports reached a new record last year. Based on the Korea Customs Service, Korea exported US$6.12 billion of cosmetics in 2020, up 14.8 percent from the prior year (US$1=W1,117).
Since COVID-19 vaccination commenced in major countries in the first quarter of this year, exports grew even more quickly at 32.4 percent on-year.
In conditions of trade balance, Korea has been around the black since 2013, with China, the biggest importer, accounting for half of the shipments to reach a record $3.05 billion this past year.
Hong Kong came next, but it was the only country among the very best five countries where shipments dwindled. Japan, the fourth-biggest importer of Korean cosmetics in 2018 and 2019, moved up to third place last year and to second in the first quarter this season.
Skincare products led sales with a rise of 24 percent this past year, perhaps because wearing face masks caused various skin issues, and their proportion in total exports rose to 57.9 percent.
Face makeup and lipstick struggled for the same reason, down 5.9 percent and 3.1 percent, but eye cosmetic did well with a rise of 8.5 percent. Exports of nail products also rose 25.8 percent.
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