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U.S. becomes top market for Korea’s cosmetics exports

Collected: 2023.11.13

Distributed: 2023.11.14

Source: Go Direct

[Courtesy of Beauty of Joseon]

The United States has emerged as the largest export market for South Korea’s cosmetics industry, surpassing China.

On Sunday, the Ministry of SMEs and Startups announced that small and medium-sized enterprises in the cosmetics manufacturing sector exported a total of $270 million to the U.S. in the third quarter of this year, surpassing the $250 million exported to China. This marks a new milestone as the U.S. becomes the leading destination for cosmetics exports from Korean SMEs.

The export figure to the U.S. reflects a 79.1 percent jump compared to the same period in 2022. In contrast, cosmetics exports to China fell by 19.9 percent during the same period.

For the third quarter, the total export amount by Korean SMEs reached $27.46 billion, down by 0.9 percent from a year ago. However, the decline in export volume for SMEs was relatively modest when compared to large enterprises, which experienced a 12.7 percent drop, and mid-sized companies, which saw a 6.2 percent fall during the same period.

Among the top ten export items for SMEs, five categories witnessed a decline in exports, including plastic products, synthetic resins, and semiconductor manufacturing equipment.

By Kim Dong-eun and Minu Kim

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