The World's 3rd-largest Exporter
The Ministry of Food and Drug Safety announced on June 21 that South Korea's cosmetics exports increased 16.1 percent to US$7,572.1 million last year, when France came in first with US$14,812.67 million, the United States second with US$8,811.59 million and Germany fourth with US$6,947.03 million.
Last year, Japan increased its cosmetics exports by 16.3 percent while most major exporters took a direct hit from COVID-19. Those of France, the United States, Germany, Italy, China and Spain fell 13.5 percent, 14.9 percent, 17 percent, 14.9 percent, 14.8 percent and 18.3 percent, respectively.
South Korea’s cosmetics exports to China added up to US$3.8 billion last year, followed by those to Hong Kong (US$714.52 million), the United States (US$640.5 million), Japan (US$639.23 million) and Vietnam (US263.33 million). Those to Hong Kong decreased 22.8 percent and those to China, the United States, Japan and Vietnam increased 24.4 percent, 21.6 percent, 59.2 percent and 17.9 percent, respectively.
Last year, South Korea’s cosmetics were exported to 160 countries whereas the number was 137 in the previous year. South Korea’s cosmetics imports totaled 1,278.5 billion won and the trade surplus, slightly less than 7.01 trillion won, increased 14 percent last year. The trade surplus continued for the ninth consecutive year and exceeded seven trillion won for the first time ever.
Last year, South Korea’s cosmetics trade surplus accounted for 14.3 percent of its total trade surplus. As for export values, cosmetics (US$7.5 billion) exceeded consumer electronics (US$7 billion), mobile phones (US$4.1 billion) and medicine and medical supplies (US$7.2 billion).