Cosmetic exports in the first half of this year reached a record high of $4.8 billion.
During the first half of this year, cosmetics exports reached a record high of $4.8 billion.
Due to the influence of the Korean Wave, the popularity of K-beauty is spreading around the world, and exports to the United States, the largest cosmetics market in particular, are rapidly increasing.
According to the Korea Customs Service’s trade statistics, cosmetics exports during the first half of the year amounted to $4.82 billion (approximately 6.7 trillion won), an increase of 18.1% compared to the same period last year, reaching a record high on a half-year basis.
This is the result of exceeding the highest figure of $4.63 billion in the first half of 2021 in three years.
In addition, during the first half of the year, cosmetics imports amounted to $850 million (about 1.2 trillion won), and the trade balance recorded a surplus of $3.97 billion (about 5.5 trillion won), also the highest ever.
Considering that last year’s exports in the second half of the year were relatively larger than the first half, this year’s annual exports may exceed $10 billion for the first time. The existing annual maximum is $9.22 billion in 2021.
Considering the volume that Korean cosmetics companies manufacture and sell directly in overseas factories, the Korean cosmetics industry has no choice but to grow on a larger scale in the global market.
Cosmetic exports during the first half of this year increased 6.1 times compared to the first half of 2014 (USD 790 million). On the other hand, during the same period, cosmetics imports slightly increased from $740 million to $850 million.
This increase in cosmetics exports is the result of a surge in interest and popularity in K-beauty along with the Korean Wave that has spread around the world.
Exports of Korea’s excellent cosmetics, ranging from skin care products to color cosmetics such as lipstick and nail polish, were introduced to the world through Korean movies, dramas, and social media, leading to an increase in exports. Last year, Korean cosmetics were exported to 195 countries.
Looking at cosmetics exports in the first half of this year by country, China had the largest amount at $1.21 billion, followed by the United States with $870 million and Japan with $480 million.
However, looking at each country, China’s cosmetics exports decreased by 14.1% compared to the same period last year, while the United States increased by 61.1% and Japan by 21.5%. Although China’s exports have decreased due to the economic downturn, exports to various markets such as the United States and Japan, Southeast Asia, and Europe are diversifying.
In particular, in the United States, ‘indie brands’, which are independent brands run by small and medium-sized businesses, are gaining popularity. These brands are growing through online platforms and are establishing themselves in the U.S. market under the influence of K-culture.
The country with the largest amount of cosmetics imports in the first half of this year was France, where global cosmetics companies such as L’Oréal have stores, recording $250 million. By major country, the United States had $160 million, Japan had $80 million, and China had $50 million.
Editor. Seyeong Hong
