According to reports from foreign media on March 31st, data released by the Korea International Trade Association (KITA) showed that South Korea’s cosmetics exports increased by 36.2% year-on-year to $1.515 billion in the first two months of this year. Among them, exports to China increased by 17.7% year-on-year to $418 million, ranking first.
The report also pointed out that China has been the largest export destination for South Korean cosmetics for nearly 20 years. In 2010, the export growth rate to China peaked at 166.6%, and in 2014 and 2015, it reached 95.2% and 99.2%, respectively. After China imposed restrictions on South Korea in 2016, the export growth rate of cosmetics dropped sharply to 33%, and in 2022 and 2023, it decreased to 26% and 23.1%, respectively.
According to data released by the statistical website Statista in 2023, China ranked first among the destinations for South Korean cosmetics exports, with exports reaching $1.456 billion.
The Korea Trade-Investment Promotion Agency (KOTRA) stated in a report that it is expected that the functional skincare market in China grew by 17% last year, and exports of functional and premium cosmetics from South Korea are also expected to increase slightly.
