Exports of cosmetics ranked third worldwide last year, trailing world leader France and the U.S. The trade surplus in the sector also exceeded USD 7 billion for the first time. (Yonhap News)

By Kim Hyelin and Lee Jihae

Exports of cosmetics ranked third worldwide last year, with the trade surplus in the sector also exceeding USD 7 trillion for the first time for its ninth consecutive year of finishing in the black.

The Ministry of Food and Drug Safety on June 21 said cosmetics exports last year reached KRW 8.28 trillion (USD 7.57 billion), up 16.1% from 2019 and accounting for 14.3% of the overall trade surplus.

Korea eclipsed Germany (USD 6.94 billion) to rank third after world leader France (USD 14.81 billion) and the U.S. (USD 8.81 billion).

The number of cosmetics-exporting countries grew from 137 in 2019 to 160 last year.

By region, China was the top market for such exports (USD 3.8 billion), followed by Hong Kong (USD 714.52 million), the U.S. (USD 640.52 million), Japan (USD 639.23 million) and Vietnam (USD 263.33 million).

Production of body wash products including hand sanitizers last year jumped 20.5% from 2019 due to the COVID-19 pandemic. That of colored cosmetics declined 21.5% partially due to the daily use of protective masks and that of eye makeup remained about the same.

kimhyelin211@korea.kr