Last Year Cosmetics Exports $6.1 Billion... 14.8% Increase YoY

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kim Hyunjung] Despite the sharp decline in outdoor activities and the mandatory wearing of masks due to the spread of COVID-19, cosmetics exports continued to grow.

According to the Korea Customs Service on the 25th, last year's cosmetics export value was $6.122 billion, an increase of 14.8% compared to 2019. In the first quarter of this year, export value also rose 32.4% year-on-year to $1.878 billion.

Thanks to steady export growth, the cosmetics trade balance turned positive in 2013 and the surplus expanded to $5.037 billion last year.

Last year, exports of makeup and lip cosmetics decreased by 5.9% and 3.1%, respectively, but basic skincare products, which account for more than 50% of total cosmetics exports, increased by 24.0%, driving overall export growth.

The Korea Customs Service speculated, "Although exports of color cosmetics were relatively sluggish due to reduced outdoor activities, demand for basic skincare products increased because of mask-wearing."

E-commerce exports also surged from $47 million in 2019 to $145 million last year. By export destination, export growth rates were high to Japan (58.7%), China (24.6%), and Vietnam (17.6%). Exports to China reached $3.046 billion, accounting for nearly half, while exports to Hong Kong decreased by 22.1%.

Last year, cosmetics imports amounted to $1.086 billion, down 10.7% compared to 2019.

This content was produced with the assistance of AI translation services.