Cosmetics exports hit KRW 10T for 2nd straight year
Cosmetics exports last year hit the KRW 10 trillion mark for the second straight year.
The Ministry of Food and Drug Safety on July 6 said such shipments declined 2.2% from 2021 to KRW 10.27 trillion (USD 8 billion), but still exceeded KRW 10 trillion for two consecutive years. Imports of cosmetics amounted to KRW 1.7 trillion (USD 1.3 billion), resulting in a trade surplus in the sector of KRW 8.56 trillion (USD 6.6 billion). Korea eclipsed Germany (USD 8.73 billion) to rank fourth worldwide in such exports after No. 1 France (USD 19.44 billion) and the U.S. (USD 10.37 billion). The number of cosmetics-exporting countries grew from 153 in 2021 to 163 last year. By region, Korean cosmetics exports to China fell 26% (USD 3.6 billion) but those to Southeast Asia rose thanks to the impact of Hallyu (Korean Wave), with shipments to Vietnam rising 23.4%, Thailand 13.2% and the Philippines 44.4%. Those to Taiwan grew 21.1%. Sales also grew in developed economies like France and Canada as well as Central Asian nations including Kyrgyzstan and Kazakhstan.
By: Cao Thi Ha
Sources: korea.net/
