SEOUL: Riding Hallyu, or the Korean Wave, cosmetics products have developed into strong moneymaking export items as they set records for exports and trade surplus last month.
According to the Korea Customs Service, the value of cosmetics exports in March was US$277.5 million, the largest amount since the office began tracking monthly statistics by product in January 2000.
Imports of cosmetics products were US$158.9 million in March, resulting in a US$126.5 million trade surplus, also the largest amount in history.The trade balance for cosmetics products moved into the black last May for the first time, and has maintained a surplus for 11 consecutive months.
Exports of cosmetics products are skyrocketing thanks to Hallyu, with China and Southeast Asian countries increasing their imports of Korean cosmetics.
By country, Korea sold US$119 million worth of cosmetics products to China, followed by Hong Kong (US$66 million), the U.S. (US$20 million), Taiwan (US$12 million), Japan (US$15.6 million) and Thailand (US$8.4 million).If sales to foreign tourists in Korea are included, exports of cosmetics would be much larger than the customs office statistics.
An industry official said, “As Korean dramas and K-pop gain popularity, Korea’s status is rising and Korean products are popular among foreign customers. Of particular note, Korean cosmetics sales in China are increasing up to 30 percent annually.”
