South korea: South Korea's cosmetics exports reached a record high in the first quarter of this year, firmly establishing itself as a key export driver, the finance ministry said Monday. Outbound shipments of Korean beauty products rose 19 percent from a year earlier to a record US$3.1 billion in the January-March period, according to the Ministry of Finance and Economy, which cited data compiled by the Ministry of Food and Drug Safety.
According to Yonhap News Agency, the finance ministry highlighted the strong growth of the K-beauty industry's cosmetics exports, emphasizing its role as one of the country's leading export drivers. In an effort to assess on-site conditions in the K-beauty industry and address business difficulties, the finance ministry conducted an inspection of a cosmetics manufacturing facility on Monday.
During the inspection, officials listened to industry concerns over global supply chain uncertainties stemming from the ongoing Middle East conflict. The ministry pledged to strengthen government support to ensure that the K-beauty industry continues to grow as a key export engine.