SEOUL: South Korea’s cosmetics exports reached a record high in the first quarter of this year, firmly establishing itself as a key export driver, Yonhap News Agency reported.
Outbound shipments of Korean beauty products rose 19 per cent from a year earlier to a record US$3.1 billion in the January-March period, according to the Ministry of Finance and Economy, which cited data compiled by the Ministry of Food and Drug Safety.
“The K-beauty industry’s cosmetics exports are maintaining strong growth this year and have become one of the country’s leading export drivers,” the ministry said.
In an effort to assess on-site conditions in the K-beauty industry and hear about business difficulties, the finance ministry inspected a cosmetics manufacturing facility on Monday.
During the inspection, the ministry said officials listened to industry concerns over global supply chain uncertainties stemming from the ongoing West Asia conflict and pledged to strengthen government support so that the K-beauty industry can continue to grow as a key export engine. – BERNAMA-YONHAP
