Demand for Korean cosmetics increases rapidly in Asia

Chinese shoppers are shopping for Korean cosmetics. (Photo : NEWSis)

Due to the popularity of Korean wave ‘Hallyu’ such as K-POP, cosmetics made in South Korea are selling very well.

According to KOREA CUSTOMS SERVICE as of 22, monthly sales of cosmetics on June are $152 million which is the highest since January, 2000.

By countries, China bought $44.8 million, Hong Kong $28.7 million, America $15.9 million, Japan $12.9 million and Taiwan $9.87 million. China and Hong Kong are responsible for 50% of total cosmetic sales.

One official from cosmetic industry said “China’s population of cosmetics users has reached over 100 million and the current growth rate of users is 10%,” and added that “Particularly, the growth rate for cosmetics made in Korea is increased over 30%.”

The official also pointed out that “Korean cosmetics are popular because of the rising popularity of Korean culture, high quality and through market research.”

The first half year’s Korean cosmetic sales are $795 million which is the highest since 1995.

However, the amount of export in cosmetic hits the lowest $838.5 million. As of June, a trade deficit in cosmetics is only $42.6 million

This means that Korea will posts its first current account surplus in cosmetic sales for the first time.

According to KOREA CUSTOMS SERVICE, the amount of sales did not include sales from duty-free shop and road shop. So it’s believed that the amount of export have already exceeded the amount of imports.

Translated by Han Sol Song graduated from Pennsylvania State University – University Park, Advertising/Public Relation