The Ministry of Food and Drug Safety on May 27 released its analysis of national cosmetics output, exports and imports last year, with the first two figures setting record highs. Shown are visitors at the booth of Olive Young, a major health and beauty store chain in Korea, at the music festival KCON LA 2024 held from July 26-28 last year in Los Angeles. (CJ Olive Young)
By Lee Dasom
Domestic output and exports of cosmetics last year both set record highs.
The Ministry of Food and Drug Safety on May 27 said its analysis of national cosmetics production, exports and imports last year found that overseas shipments of such items rose 20.3% from 2023 to USD 10.2 billion (KRW 13.88 trillion).
The country ranked third globally in the export of such products, up a notch from the year before. Topping the list was France with USD 23.25 billion, followed by the U.S. with USD 11.19 billion, and the number of export markets for the sector also rose from 165 countries to 172 over the same period.
By country, China was the biggest market for Korean cosmetics with USD 2.49 billion, though Korea's share there is shrinking every year due to lower demand for basic cosmetics. Second came the U.S. (USD 1.9 billion), followed by Japan (USD 1.04 billion), Hong Kong (USD 580 million) and Vietnam (USD 530 million)
Exports also grew on all continents including Asia excluding China, North America and Europe.
Due to higher demand for basic and color cosmetics, shipments to emerging markets rose such as the United Arab Emirates (91%), Indonesia (69%) and Poland (161.9%).
Domestic cosmetics output last year jumped 20.9% to a record-high KRW 17.54 trillion, apparently due to higher demand for basic and color cosmetics.
The ministry designated Sept. 7 every year as Cosmetics Day to promote the global status of Korean cosmetics.
"We will do everything so that consumers can confidently use high-quality cosmetics," it said. "We will actively support outstanding Korean cosmetics so that they smoothly advance to global markets."
dlektha0319@korea.kr
