Seoul, Jan 6 (NationPress) With increasing global admiration, South Korea's exports of cosmetic products surpassed $10 billion last year, representing a remarkable achievement for the K-beauty sector, according to government statistics released on Monday.
The total shipments of cosmetic products surged by 20.6 percent year-on-year, reaching a historic peak of $10.2 billion in 2024, as reported by the Ministry of Food and Drug Safety, according to YOnhap news agency.
This outstanding figure was bolstered by the escalating popularity of Korean cultural content, including K-pop and K-dramas.
In terms of importers, China led the way as the largest buyer of South Korean cosmetics, with imports totaling $2.5 billion, followed by the United States at $1.9 billion and Japan at $1 billion.
Food Minister Oh Yu-Kyoung stated in the release, "The government will enhance collaboration with trading partner nations to assist local companies in further expanding cosmetic exports while ensuring adherence to safety regulations in the U.S. and China."
Since 2014, the nation’s cosmetic product exports have shown consistent growth. Outbound sales rose from $1.8 billion in 2014 to $4.9 billion in 2017, $7.6 billion in 2020, $9.2 billion in 2021, and $8.5 billion in 2023.
In addition, South Korea's exports of bio-health products saw a significant increase of 22.5 percent in the third quarter compared to the previous year, driven by rising demand for pharmaceutical goods in European countries.
The total outbound shipments of bio-health products, which include pharmaceuticals and cosmetics, reached $6.34 billion in the July-September timeframe, up from $5.17 billion during the same period in 2023, according to the Korea Health Industry Development Institute.
By sector, pharmaceuticals exports surged by 43.5 percent year-on-year to $2.38 billion, primarily due to increased shipments to Hungary, Germany, and Belgium.
Additionally, exports of medical instruments experienced a growth of 1.8 percent year-on-year, reaching $1.37 billion, supported by demand for laser equipment, as indicated by the data.
During the January-September period, South Korea's bio-health product exports totaled $18.5 billion, marking a 15.6 percent increase from the last year.
