Korea’s cosmetics exports hit record high in 2017

Korea’s cosmetics exports hit record high in 2017


South Korean cosmetics are gaining greater
popularity all across the globe. Last year, shipments of these products overseas
hit record high levels. And this welcome trend is likely to continue. From consumers to experts, our Ko Roon-hee
met up with people familiar with the industry and the items… for their insights. Employees at a Korean cosmetics manufacturing
company are busy discussing their cushion foundation product…which is exported around
the world. This particular item has gained popularity
in many countries, including Japan, where it reportedly sold nearly 7 million units. A director in overseas business says many
consumers saw the uniqueness in the products. “When we introduced this product in Japan
few years ago, not many consumers were familiar with the concept of cushion foundation. But they liked the concept of applying liquid
foundation with a soft pad.” According to the Korea Customs Service,…
shipments of cosmetics last year reached more than 3.9 billion U.S. dollars, the highest
since related figures were first made public in the year 2000. This is 13.9% up from the previous year. “Here in Seoul’s bustling shopping district
of Myeongdong, there are cosmetics stores as far as the eye can see. All of them here to cater to the crowds of
foreign tourists.” “We like masks and cosmetic products like
cream…because it is quite famous worldwide now.” “I watched a lot of Korean dramas and have
a lot of friends who traveled to Korea and brought products that I can test. It made me want to buy more.” An economic expert says the industry will
keep the upward trend. “South Korean cosmetics are recognized for
its good quality among foreign consumers. So this upward trend in exports will likely
to continue. The numbers will be stable unlike other industries…which
might get affected by the ongoing trade war between the United States and China.” This expert added that increase in exports
in final consumption products, like cosmetics, will not only help in stabilize the entire
export structure in South Korea but also improve the nation’s image around the globe. Ko Roon-hee, Arirang News.

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