SEOUL, June 27 (AJU PRESS) - South Korean cosmetics exports surged 21 percent year-on-year in the first five months of 2024, on track to reach a record high annual volume, data showed Thursday.
The Korea Customs Service said cosmetics exports during the period reached $4.04 billion, compared to $3.34 billion in the same period of 2023.
While exports to China decreased by 11.6 percent, shipments to the U.S. soared 67.8 percent. Japan and Vietnam also saw significant increases of 26.6 percent and 24.6 percent, respectively.
K-beauty products are now exported to over 170 countries, reflecting successful market diversification.
If the trends continue, this year’s total is expected to surpass the record-high shipment of $9.22 billion set in 2021.
The influx of foreign tourists, up 86.9 percent year-on-year, has boosted domestic sales. Visitors are particularly drawn to indie brands available in shops like the cosmetics store chain Olive Young and the variety store franchise Daiso.
Major cosmetics companies are expected to report strong results for the second quarter, with analysts projecting substantial profit increases for firms like Amorepacific, Kolmar Korea, and Cosmax.
This positive outlook drove up stock prices across the sector, with some smaller companies seeing triple-digit percentage gains.
