K-Beauty's Global Reputation Grows... Cosmetics Exports Hit Record 7.5 Trillion Won
Cosmetics Exports Hit Record $5.51 Billion in First Half
MFDS Reports 14.8% Growth Over Last Year
European and Middle Eastern Markets Rise Despite Decline in China
In the first half of this year, South Korea's cosmetics exports reached a record high of $5.51 billion (approximately 7.5 trillion won).
According to the Ministry of Food and Drug Safety on July 3, the country's cosmetics exports from January to June this year increased by 14.8% compared to the previous record set in the first half of last year ($4.8 billion).
China was the largest export destination, with $1.08 billion (about 1.5 trillion won) in exports, followed by the United States with $1.02 billion, and Japan with $550 million.
Exports to China fell by 10.8% year-on-year, causing China's share of total exports in the first half of the year to drop into the 10% range (18.5%) for the first time. In contrast, exports to Poland have surged rapidly since last year, making it the first European country to enter the top 10 export destinations.
The total number of export destinations increased from 172 countries last year to 176 countries this year, an increase of four. In particular, exports to Europe, the Middle East, Southwest Asia, and Central and South America have risen, with $150 million exported to Poland, $100 million to the United Kingdom, and $70 million to France.
By product type, basic skincare products accounted for the largest share, with exports rising 14.9% year-on-year to $4.11 billion (about 5.6 trillion won). This was followed by color cosmetics (about $750 million), personal cleansing products (about $270 million), and hair care products (about $220 million).
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The Ministry of Food and Drug Safety stated, "With the implementation of new regulations such as safety assessment systems in countries like the United States and China, we are preparing to introduce a safety assessment system in Korea as part of regulatory harmonization to strengthen the international competitiveness of the cosmetics industry." The ministry added, "We plan to actively pursue regulatory diplomacy with major export destinations such as the United States and China to ensure that high-quality Korean cosmetics can smoothly enter the global market."
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