South Korea achieves a new milestone in its history thanks to its cosmetic products. On 4 January, the Asian country reported the total number of exports and demonstrates the success of K-Beauty.
According to the Korean newspaper ‘The Korea Herald’, according to data provided by the Ministry of Food and Pharmaceutical Safety, Korean cosmetics have increased by 20.6% and exceeded ten billion dollars, surpassing the eight billion dollars of last 2023. The highest figure achieved so far by the country had been in 2021 with 9.2 billion dollars.
The most exported category was the skincare division, with more than 7.6 billion dollars, followed by make-up with 1.35 billion dollars. In particular, the skincare category has become very popular in the US, and make-up in Japan.
While China remains the largest importer of Korean cosmetics, the United States and Japan have experienced significant growth this year. Other countries that have established themselves as key countries for South Korea and continue to gain ground are Hong Kong, Vietnam, Russia and Taiwan, as well as the United Arab Emirates, which has broken into the top 10 of South Korean cosmetics importers.
According to the Korean authorities, something that may have contributed to the increase in demand for this type of product may have been the increasingly developed quality and technology of Korean cosmetics.