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S. Korea's cosmetics exports to China set record in 2015

According to Yonhap News,

(SEOUL=Yonhap News) South Korea's cosmetics exports to China reached a record-high level in 2015, data showed Sunday, apparently driven by the boom of Korean pop culture in Asia's No. 1 economy.

According to the data compiled by the Korea International Trade Association, South Korea's exports of cosmetics to China doubled on-year to reach US$1.08 billion in 2015, reflecting the soaring popularity of South Korean goods in China.

South Korea's combined shipment of cosmetics around the globe also leaped 53.6 percent to $2.75 billion over the cited period, the data also showed.

Industry watchers said the growth is attributable to the cultural wave of "hallyu" in Asian countries, which refers to the boom of South Korea-made entertainment goods, including pop music, movies and TV dramas.

Exports of cosmetics to Hong Kong also soared 64.4 percent on-year in 2015 to reach $663 million, standing as the No. 2 shipment destination following mainland China. The United States followed with $233 million, up 56.1 percent over the cited period.

South Korea's combined imports of cosmetics, on the other hand, inched up 1 percent on-year to $1.36 billion.

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Source: Yonhap News (Jan. 24, 2016)

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