8 billion dollars South Korea exports of cosmetics in a year

The value of South Korean exports of cosmetics recorded more than 10 trillion won equivalent to 8 billion dollars in 2022, for the second year in a row.

The Ministry of food and Drug Safety said that the country achieved 10 trillion and 275.1 billion won in cosmetic exports last year, the value decreased by 2.2% compared to 2021, but exceeded 10 trillion won for the second consecutive year.

Thus, South Korea became the fourth largest exporter of cosmetics, after France, the United States and Germany, compared with its third ranking in 2020 and 2021, but it still occupies the first place in Asia, South Korean Yonhap news agency reported on Saturday. 

The ministry said that the decline in the country’s exports of cosmetics is mainly due to the economic downturn caused by the spread of the novel coronavirus in China, the largest importer of South Korean cosmetics, the tightening of regulations on cosmetics by the Chinese government, and the preference for local products in China. Exports of Korean cosmetics to China fell by 26% year-on-year last year.

However, cosmetic exports to Vietnam, Taiwan, Thailand and the Philippines increased by 23.4%, 21.1%, 13.2% and 44.4%, respectively, and the number of countries importing South Korean cosmetics increased from 153 countries in 2021 to 163 in 2022.