Full support for accelerating K-beauty Worldwide Exports

Ministry of Trade, Industry and Energy (Minister Ahn Deok-geun, hereinafter referred to as Ministry of Trade, Industry and Energy) Trade Negotiation Headquarters Jeong In-kyo visited the Amore Pacific headquarters on April 22 (Monday) to inspect the status of K-beauty exports and listen to export difficulties faced by the Korean beauty industry. Korea’s cosmetics exports amounted to $2.3 billion in the first quarter of this year, the highest ever for the same period ^* , and while increasing exports to major markets such as the U.S. and Europe, the company is seeking strategies to diversify its exports, such as entering the Middle East and ASEAN markets.

* Cosmetic exports (USD 100 million): ^(’21 .1Q) 22.2 → ^(‘22.1Q) 18.5 → ^(‘23.1Q) 18.9 → ^(‘24.1Q) 23 (+21.7% compared to the same period last year)

AmorePacific, which Director Jeong visited this time, is the first export company in the cosmetics industry and has consistently taken the lead in K-beauty exports. Recently, it has expanded its presence in global e-commerce such as Amazon, led by the Laneige brand, and is showing export results in the U.S. market as well. In addition, beauty products incorporating new technologies, such as the creation of consumer-customized foundation using artificial intelligence (AI) technology, are being released and are gaining interest from consumers.

As part of achieving $700 billion in exports and expanding the export plus policy, the Ministry of Trade, Industry and Energy plans to provide support in various ways to help the K-beauty industry, a leading premium consumer product that has recently been in the spotlight due to the spread of the Korean Wave, advance into new markets such as the Americas, the Middle East, and ASEAN. am.

First, we actively support the globalization of premium consumer goods companies by supporting entry into online distribution platforms, participating in leading overseas beauty exhibitions ^* , supporting export consultations and trade missions, and marketing linked to the Korean Wave. Second, we plan to supply more than 1 trillion won worth of trade insurance to the K-beauty sector this year and expand export insurance for medium-sized and small businesses. Third, we will strengthen the function of overseas consumer goods base trade centers and provide full support to accelerate the entry of K-beauty companies into new overseas markets by supporting overseas certification costs and consulting, and resolving trade barriers by utilizing the Free Trade Agreement (FTA) network. .

* Bologna Beauty Exhibition (‘24.3, ‘25.3), Hong Kong Cosmoprof Exhibition (‘24.11), Bangkok In-Cosmetics Exhibition (‘24.11), etc.

Director Jeong said, “Exports have continued to trend positive for six consecutive months since October last year, and K-beauty cosmetics exports are showing remarkable growth, reaching an all-time high in the first quarter of this year.” He added, “Achieving the export goal of $700 billion. “To this end, the government will provide all-out support for overseas marketing, certification, etc. in addition to investing 1 trillion won in trade insurance so that the K-beauty industry can take the lead.”

Editor Miso