A visitor on Aug. 28 listens to an explanation of beauty products at Seoul Beauty Week held at Dongdaemun Design Plaza in Seoul's in Jung-gu District. (Lee Jeongwoo)
By Margareth Theresia
The steady growth of cosmetics exports this year has made the country a global market leader in the sector.
The Korea Customs Service (KCS) on Oct. 7 said such shipments in the first three quarters of the year reached USD 8.52 billion, up 15.4% from the same period last year.
Exports tend to grow more in the fourth quarter. The annual record is USD 10.2 billion set last year, a figure expected to be broken this year.
Exports in the third quarter grew 17.6% year on year to USD 3 billion, a record high for the quarter as well as the ninth consecutive quarter of growth.
The number of export destinations also set an all-time high with 205 countries in the third quarter, up from the previous mark of 199 last year, with 141 recording record sales over the period.
The U.S. led all other countries with 19.7% of the total, while China fell to second with 18.5% and Japan remained in third with 9.7%.
By item, cosmetic basics such as skincare products and lotions accounted for the largest share with 41.7%, followed by sunscreens and anti-wrinkle creams with 25.5% and color makeup products 15.4%. While facial cleansers and perfumes accounted for a smaller share, they demonstrated brisk growth by setting new highs year after year.
"Given the highlighted popularity of Hallyu (Korean Wave), K-cosmetics this year have beaten competing countries to lead the market with a variety of high-quality products," the KCS said. "We expect a new record high this year following the mark set last year of USD 10 billion."
margareth@korea.kr