According to reports from Yonhap agency, data released by the Korea Customs Service reveals that South Korea’s cosmetic exports amassed a staggering $2.3 billion during the January-March period, reflecting a notable surge of 21.7% from the corresponding period last year. This achievement represents the highest export figure recorded for the first quarters in recent history.
The South Korean beauty industry, renowned for its innovation and quality, experienced a dip in exports in 2022, primarily attributed to reduced demand from China and the adverse impacts of the COVID-19 pandemic. However, the sector rebounded last year, reaching $8.49 billion in exports. The recent surge in the first quarter of 2024 further underscores the resilience and growth potential of South Korea’s cosmetics market.
Notably, China emerged as the primary destination for South Korean cosmetic exports during the first quarter, with a substantial export value of $610 million. Following closely behind were the United States with $380 million, Japan with $240 million, and Vietnam with $150 million in imports of South Korean cosmetic products.
The data also highlights the extensive global reach of South Korea’s cosmetics industry, with products from the country being sold in a remarkable 175 countries during the aforementioned period.
