Cosmetics exports last year rose 6.4% to USD 8.5 billion, the second-highest figure in the sector's history. Seen is the cosmetics display area on the second floor of the beauty pop-up store Beauty Play around Hongik University in Seoul's Mapo-gu District. (Cao Thi Ha)

By Yoon Seungjin

Cosmetics exports last year showed definitive signs of recovery with USD 8.5 billion.

The Ministry of Food and Drug Safety on May 20 released its report on domestic cosmetics production, imports and exports saying overseas shipments rose 6.4% from 2022 to USD 8.5 billion, the second-highest figure in the sector's history.

While exports to China dropped, those to the U.S., Europe and Japan grew in showing clear market diversification. Shipments to the American market surpassed USD 1 billion for the first time, propelling Korea past China as the fifth-largest cosmetics exporters there.

In Japan, Korea maintained its spot as the top seller for the second consecutive year ahead of runner-up France.

Domestic cosmetics output increased 6.8% to KRW 14.51 trillion in value, while imports decreased 1.5% to USD 1.3 billion. Thus Korea posted a surplus of USD 7.1 billion in the field.

By type, color cosmetics, especially lip products, showed the largest hike in production with 28.2% and ranked second in overall output only to basic cosmetics. The production value of functional cosmetics accounted for 37.5% of the total with KRW 5.44 trillion.

An item whose popularity is comparable to that of Korean cosmetics is ramyeon (instant noodles), which saw its monthly export value last month exceed USD 100 million for the first time.