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| ▲ This graph showing the Q1 growth in South Korea’s cosmetics exports in 2022-2026 is provided by the Ministry of Food and Drug Safety. |
SEOUL, April 7 (Yonhap) -- South Korea’s cosmetics exports reached a record high in the first quarter, driven by strong global demand, the Ministry of Food and Drug Safety said Tuesday.
Exports totaled US$3.1 billion in the January-March period, up 19.0 percent from a year earlier, marking the highest quarterly figure on record.
March exports surged 29.3 percent on-year to $1.19 billion, contributing significantly to the quarterly performance.
By country, the United States accounted for $620 million, or 19.8 percent of total exports, in the first quarter.
Shipments to the U.S. jumped 40.9 percent, or $180 million, from a year earlier, indicating sustained popularity of Korean cosmetics amid the global boom in Korean cultural content despite changes in trade conditions such as tariffs.
Exports to China fell 9.6 percent, or $50 million, to $470 million, while shipments to Japan rose 7.4 percent, or $20 million, to $290 million.
By product category, basic skincare products led with $2.43 billion in exports, followed by makeup products at $330 million and personal cleansing products at $160 million.
The ministry said it will host the Global Cosmetics Regulatory Authorities Summit in September, expanding the existing Asia-focused forum to include the Middle East and South America, in a bid to lead global regulatory innovation and strengthen strategic ties with key partner countries.
The ministry plans to launch a working-level consultative body with Brazil’s National Health Surveillance Agency on Wednesday to explore ways to enhance regulatory cooperation.
It also said it will bolster its cooperation framework with China’s National Medical Products Administration to support Korean companies seeking to enter the Chinese market.
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