South Korea overtakes US in cosmetics exports, now second globally

New Delhi [India], June 30 : South Korea's cosmetics exports surpassed those of the United States for the first time this year to take the second position globally, as per the data provided by the Korea International Trade Association, reports Korea Herald.

Now, the only country trailing South Korea is 'industry powerhouse France,' according to the report.

Korea exported USD 3.61 billion worth of cosmetics between January and April, narrowly edging out the United States' USD 3.57 billion, according to the Korea International Trade Association.

This marks Korea's first time overtaking the US in beauty exports, after its exports in the January-March period, which totalled USD 2.58 billion, had lagged behind America's USD 2.72 billion.

This is the first time that South Korea has overpowered the US in the beauty exports segment. Korea's cosmetics exports have been rising at a blistering pace.

Currently, the ongoing rise of K-beauty is set to push further into emerging markets in Europe and the Middle East, including Poland, Ireland, Belgium and the United Arab Emirates.

According to data from the KITA, exports to Poland from January to May surged 121 per cent to USD 111.8 million, up from USD 50.4 million a year earlier, while exports to the UAE rose 74 per cent to USD 99.3 million from USD 57 million over the same period.

Last year, Korea's cosmetics exports totalled USD 10.3 billion, outpacing Germany's USD 9.08 billion to become the world's third-largest exporter, behind France and the US. While France and the US recorded growth of 6.3 per cent and 1.1 per cent, respectively, Korea's exports surged by 20.3 per cent to become the number two exporter globally.

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