April 27, 2024
Economy
Exports of S. Korean cosmetics surge 10 times in 7 yrs
[THE INVESTOR] Exports of hallyu-related products continued their upward trend with exports of South Korea-made cosmetics increasing more than 10-fold over the past seven years, government data showed on Feb. 22.
According to the data by the Ministry of Health and Welfare, outbound shipments of makeup products reached US$4.18 billion in 2016, compared to $451.15 million tallied in 2009. The 2016 figure also marks a 43.7-percent increase from a year earlier, with an annual average growth of 43.8 percent over the 2013-2015 period.
China was the biggest buyer of South Korean beauty products, importing $1.57 billion million last year, accounting for 37.5 percent of the country‘s entire cosmetics exports. Such heavy export dependence on China, however, would undermine the overall cosmetics industry if Beijing imposes certain economic sanctions in opposition to South Korea’s decision to install an advanced US missile defense system on its soil.
Chinese authorities have in recent months banned imports of many South Korean cosmetics while rejecting South Korean airlines‘ requests to fly chartered flights to China.
(theinvestor@heraldcorp.com)
According to the data by the Ministry of Health and Welfare, outbound shipments of makeup products reached US$4.18 billion in 2016, compared to $451.15 million tallied in 2009. The 2016 figure also marks a 43.7-percent increase from a year earlier, with an annual average growth of 43.8 percent over the 2013-2015 period.
China was the biggest buyer of South Korean beauty products, importing $1.57 billion million last year, accounting for 37.5 percent of the country‘s entire cosmetics exports. Such heavy export dependence on China, however, would undermine the overall cosmetics industry if Beijing imposes certain economic sanctions in opposition to South Korea’s decision to install an advanced US missile defense system on its soil.
Chinese authorities have in recent months banned imports of many South Korean cosmetics while rejecting South Korean airlines‘ requests to fly chartered flights to China.
(theinvestor@heraldcorp.com)
