SEOUL -- South Korea's cosmetics industry has witnessed a significant increase in exports during the first two months of 2024, with a 36.2 percent rise compared to the same period last year. This growth is attributed to robust demand in all major markets, signaling a strong start to the year for the sector.
According to Yonhap News Agency, cosmetics exports in the January-February period reached a total of $1.51 billion. This increase reflects a simultaneous rise in exports to key markets, including China, the United States, Japan, Vietnam, Hong Kong, and Taiwan.
The largest share of exports was to China, totaling $418 million, marking a 17.7 percent increase from the previous year. Despite a historical downturn in South Korean cosmetics exports to China since 2016, following Beijing's ban on South Korean cultural goods, the recent data indicates a positive shift, particularly in premium product segments.
Exports to the United States saw the most significant growth, with a 69.2 percent increase to $243 million. Shipments to Japan also grew substantially, reaching $154 million, a 31.3 percent rise from last year. These figures suggest a broadening appeal and competitiveness of South Korean cosmetics products across diverse global markets.
KITA remains cautiously optimistic about the full recovery of exports to China but expects continued growth in the sector, driven by high-quality and innovative Korean cosmetics products.