South Korea’s cosmetics exports last year jumped more than 50 percent to $1.92 billion, giving the country its first annual surplus in the sector, the customs office said Sunday.
South Korea had been in the chronic red in the cosmetics trade because of customers’ preference for already established import brands from countries like the United States, France and Japan. Records from the Korea Customs Service showed the trade deficit in the segment had ranged between $400 million-$600 million since 2001 up until 2012. The trend visibly tipped in 2013 when the number dropped to $270 million.
Last year, South Korea exported $1.92 billion won in cosmetics while importing $1.69 billion, customs data showed. In contrast to the $64 million jump in overseas shipments, imports increased 9.3 percent, or $14 million.
Asian countries dominated the exports market, with China coming in first at $600 million, up 89 percent from the previous year. Hong Kong was next with $41 million.
Non-Asian markets included the U.S., which came in third with $16 million in exports to the country. Russia ranked 10th.
South Korea-branded cosmetics labels have earned popularity with the rise of the country’s cultural presence, especially in Asia, known as “hallyu.” Spread of Korean dramas and music gave the products, often promoted by celebrities hired as spokesmodels, the much-needed exposure to followers of hallyu.
One of the biggest winners was AmorePacific, whose stock jumped 122 percent last year from prolific exports of its makeup brands. (Yonhap)
