South Korea's cosmetics exports up 16% YoY in 2020

SEOUL, Feb. 7 (Yonhap) -- South Korea's cosmetics exports will increase 16.1% year-on-year to $7,575.17 million in 2020, according to preliminary statistics released by the Korea Customs Office (Customs) and the Korean Cosmetics Association on Wednesday.
has been growing at double-digit rates every year since 2012, falling to 4.2 per cent in 2019 and rebounding last year.
, with the rise of the Korean Current boom, South Korea's cosmetics popularity, exports to Europe and the United States increased.
terms of exporting countries, exports to China increased by 24.5% year-on-year to US$3.81 billion, while exports to the United States, Japan and Vietnam increased by 21.6%, 59.2% and 18.0%, respectively.
's share of South Korea's cosmetics export market increased to 50.3 percent from 46.9 percent in 2019.
By export type, skin care exports increased by 17.6% year-on-year to US$5,988.3 million, hair care products increased by 19.2%, bath products increased by 65.6% and cosmetics exports decreased by 5.3%.
year, South Korea's cosmetics imports fell 6.2 percent from a year earlier to $1,482.62 million, the second consecutive year of declines.
imports of most cosmetics, such as skin care products, hair care products and makeup, decreased, but imports of aromatics (13.1%) and bath products (71.6%) increased.
(Complete)