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South Korea cosmetics exports hit record $7.4B high

In the first nine months of this year, South Korea’s cosmetics exports reached a record high of $7.4 billion, the country’s Ministry of Food and Drug Safety reported. This represents an 8.8% increase compared to 2021’s figure ($6.8 billion) and a 19.3% increase compared to the same period last year. In terms of destination countries, China remains the largest market for South Korean beauty products, with exports totaling $2 billion, followed by the US ($1.4 billion) and Japan ($700 million). The South Korean beauty industry has been actively working to expand its audience beyond China, and these efforts have shown results. Despite a 9.1% YoY decline in exports to China, exports to the US grew by 38.6%, and exports to Japan increased by 18.2%. By product type, basic skincare products had the highest export value at $5.6 billion, followed by color cosmetics ($1 billion) and personal care products ($300 million).

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