SEOUL: Duty-free sales of Korean cosmetics and other products are rising sharply. The Korea Customs Service on Sunday said sales at domestic duty-free shops from January to April of this year surged 32.5 percent compared to the same period of 2015 to W1.58 trillion (US$1=W1,180).
Sales of imported products grew only 9.4 percent, while the rest was due to domestic products. Korean products still accounted for only 42.2 percent of sales and imports for the rest. Overall duty-free shop sales grew from W1.25 trillion in 2012 to W3.4 trillion last year.
Cosmetics led the increase, accounting for 68 percent of Korean products sold in duty-free shops, followed by handbags with 10.6 percent, ginseng with 6.5 percent, cigarettes with 4.5 percent, food with 3.1 percent and electronics with 2.6 percent. Market insiders attribute the boom to Korean soap operas and K-pop, which are explosively popular in China and other Asian countries.
