According to Yonhap News on the 28th, a data released by the Korea Cosmetic Industry Research Institute on the 28th showed that South Korea ’s cosmetics exports in 2019 reached 6.48618 billion US dollars, an increase of 3.6% from the previous year, but the increase was the lowest in eight years.
Reports that South Korean cosmetics exports have grown rapidly in recent years due to the Korean wave boom and the brand effect of “K-Beauty”. In 2014 and 2015, the growth rate of exports exceeded 50%. From 2016 to 2018, they increased by 43.6%, 18.3%, and 26.75% respectively, while last year they only increased by about 3%. The analysis believes that the increase in uncertainties such as Brexit and the global economic downturn are the main reasons for the decline in Korean cosmetics export growth.
Reported that from the perspective of export targets, exports to mainland China were US $ 3.035759 billion, a year-on-year increase of 14.3%, and exports to Japan and Vietnam increased by 32.7% and 32.3%, respectively. Exports to the US (-2.4%) and Thailand (-15.7%) decreased.
The report also said that during the same period, South Korean cosmetics imports amounted to 1.606673 billion US dollars, a decrease of 0.5% from the previous year and the first decrease since 2009. From the source of imports, US $ 70.65 million was imported from China, a year-on-year increase of 29.6%, and imports from France and the United States increased by 2.4% and 0.7%, respectively. On the contrary, imports from Japan amounted to US $ 20869 million, a year-on-year decrease of 18.5%, and imports from Thailand and the UK also decreased by 5.9% and 5.4% respectively.