Korea’s cosmetics exports in January-May up 36.7 percent on year
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South Korea’s beauty exports remain unfazed, gaining nearly 40 percent in the first five months of the year against a year-ago period.
According to data released by the Korea Customs Service on 28 June, K-beauty exports between January and May this year amounted to US$2.06 million, up 36.7 percent against a year ago and showing little signs of softening.
Last year, cosmetics exports reached an all-time high of US$3.92 billion, nearly quadrupling from US$1.05 billion in 2013 and overwhelming imports of US$1.17 billion.
The bulk went to ethnic Chinese – 37.4 percent in the mainland and 24.6 percent in Hong Kong. Of the remainder, 9.4 percent was consumed by Americans, 5.0 percent by Japanese, and 3.4 percent Thais.
Chinese have been the biggest non-Korean consumers of K-beauty products since 2000. Exports reached US$1.47 billion last year alone, also helped by a sales tax cut on cosmetics in China.
Korean beauty products are rapidly gaining ground in Vietnam. Exports to Vietnam hit US$123 million last year, up a whopping 109.5 percent on year. Shipments to traditional beauty powerhouses of France and the United Kingdom have also been on a steady rise.
Basic skin care products accounted for the largest 50.7 percent of the country’s total cosmetics exports last year while makeup products made up 9.5 percent, those for eye makeup 3.6 percent, and lipsticks 3.2 percent.
The Korea Customs Service forecast cosmetics exports to extend strong growth this year, fueled by renewed popularity of K-pop and Korean entertainers.
Questions & Answers
Q.What was the total value of South Korea's beauty exports for the first five months of this year?
What was the total value of South Korea's beauty exports for the first five months of this year?
South Korea's beauty exports between January and May this year amounted to US$2.06 million. This figure represents a 36.7 percent increase compared to the same period last year.
Q.Which countries were the largest consumers of Korean beauty products last year?
Which countries were the largest consumers of Korean beauty products last year?
The largest consumers were ethnic Chinese, with 37.4 percent of exports going to mainland China and 24.6 percent to Hong Kong. Americans consumed 9.4 percent, Japanese 5.0 percent, and Thais 3.4 percent.
Q.Which specific product categories drove South Korea's cosmetics exports last year?
Which specific product categories drove South Korea's cosmetics exports last year?
Basic skin care products were the largest category, accounting for 50.7 percent of total exports. Makeup products made up 9.5 percent, eye makeup 3.6 percent, and lipsticks 3.2 percent of exports.
Q.What contributed to the significant increase in exports to Vietnam last year?
What contributed to the significant increase in exports to Vietnam last year?
Exports to Vietnam hit US$123 million last year, showing a substantial 109.5 percent increase on the year. The article states that Korean beauty products are rapidly gaining ground there.
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