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S. Korean cosmetics enjoy surging demand abroad: KOTRA

According to Yonhap News,

(SEOUL=Yonhap News) South Korean cosmetics have seen a dramatic surge in demand in overseas markets as their innovative makeup and skincare products are attracting a global audience, the Korea Trade-Investment Promotion Agency (KOTRA) said Monday.

According to KOTRA's survey on overseas buyers in 55 nations, cosmetics were the most popular item among South Korea's top 100 export list, taking the spot for the second consecutive year.

The Korean beauty industry has fast grown over the past few years on the back of the popularity of Korean dramas, entertainment shows and innovative products by leading players including AmorePacific Co. and LG Household & Healthcare Ltd.

Among other items in the top five list were construction equipment, fruit juice, light-emitting diode (LED) illuminators and auto batteries, KOTRA said.

Construction equipment saw rising demand in Malaysia and the Philippines, as the Southeast Asian nations are planning large infrastructure development projects.

Fruit beverages were favored in Latin American nations such as Guatemala, Mexico, Colombia and Paraguay.

LED illuminators have become a hot item after Japan, Europe, Russia and Vietnam have adopted energy-efficient policies.

Auto batteries had strong demand in Germany and China after their governments expanded subsidies for eco-friendly vehicles, the trade promotion agency said.

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Source: Yonhap News (Oct. 10, 2016)

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