As per the data provided by the Korea International Trade Association Korea surpassed USA in Cosmetic Exports between January to April this year
South Korea overtakes USA in cosmetics exports for the first time this year and takes second position globally, Korea International Trade Association provided the data which says Korea exported USD 3.61 billion worth of cosmetics between January and April this year, reports Korea Herald. But France still on the top position in Cosmetics export where industry known as ‘industry powerhouse France.
Korea surpassed USA with narrow margin exported its cosmetics products of USD 3.61 billion between January and April, while USA exported cosmetic products of value ‘ USD 3.57 billion, according to the Korea International Trade Association.
This is first time when South Korea’s overtakes the US in beauty exports, between the January-March period this year Korea exported the beauty products of valued USD 2.58 billion, had lagged behind America’s USD 2.72 billion.
Korea’s cosmetics exports have been rising extremely fast. Currently, the ongoing demand of K-beauty is set to push further into emerging markets in Europe and the Middle East, including Ireland, Poland, Belgium and the United Arab Emirates.
According to data released by the KITA, exports to Poland from January to May this year has surged 121 per cent to USD 111.8 million, up from USD 50.4 million from last year, while exports to the UAE rose 74 per cent to USD 99.3 million from USD 57 million over the same period.
Last year, the total Korean cosmetics exports was USD 10.3 billion, which surpassed Germany’s USD 9.08 billion to become the world’s third-largest exporter, behind France and the US. While France and the US recorded growth of 6.3 per cent and 1.1 per cent, respectively, but this year Korea’s exports surged by 20.3 per cent to become the number two exporter globally
