South Korea's cosmetics exports surpass $10 billion in 2024
Seoul, Jan 6 Amid the growing recognition, South Korea's exports of beauty merchandise surpassed $10 billion remaining 12 months, marking a extensive milestone for the ok-beauty industry, authorities information confirmed on Monday.
The combined shipments of cosmetic merchandise jumped 20.6 percent on-12 months to an all-time high of $10.2 billion in 2024, the Ministry of meals and Drug safety said in a press launch, reviews YOnhap news organization.
The record result become helped by the developing recognition of Korean cultural content material, inclusive of k-pop and ok-dramas, it added.
"The authorities will improve cooperation with buying and selling associate international locations to assist local companies preserve the increase of beauty exports even as supporting them meet protection standards inside the U.S. and China," meals minister Oh Yu-Kyoung stated in the launch.
The u . s .'s outbound shipments of cosmetic products had been on a regular upward push due to the fact that 2014. remote places income of cosmetic products grew from $1.8 billion in 2014 to $four.9 billion in 2017, $7.6 billion in 2020, $9.2 billion in 2021 and $eight.five billion in 2023.
in the meantime, South Korea's exports of bio-health products jumped 22.5 in keeping with cent within the 1/3 quarter from a yr in advance, driven through developing demand for pharmaceutical goods in ecu international locations.
Outbound shipments of bio-health merchandise, which includes pharmaceutical goods and cosmetics, amounted to $6.34 billion within the July-September period, in comparison with $5.17 billion recorded over the equal period in 2023, in keeping with the Korea fitness industry development Institute.
through quarter, exports of pharmaceutical products jumped forty three.5 in keeping with cent on-yr to $2.38 billion, led by improved shipments to Hungary, germany and Belgium.
Exports of clinical units rose 1.8 in line with cent on-year to $1.37 billion, bolstered by laser equipment, the statistics showed.
Over the January-September length, South Korea's bio-fitness exports reached $18.5 billion, up 15.6 consistent with cent from the preceding 12 months.