| South Korea’s trade surplus shows K-beauty global power | Writer : 관리자(@) Date : 17.07.07 Hits : 1387 |
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As a South Korea's cosmetics industry saw a trade surplus of over three trilllion won ; how much exports exceed the cost of the country's imports, K-beauty is now fiercely expanding into European markets.
Following its spending into the Chinese market place, the Korean wave is continuing to sweep across the US and intp European regions including France, Italy and Spain.
International trade Surplus
Amid its global movement, on 27th June 2017, South korea government agency, the Ministry of Food and Drug Safety, announced how the country's cosmetics output hit 13.05 trillion won. in 2016, an increase of 21.6% from 10.73 trillion won in 2015.
In 2016, for the first time, the rise in cosmetics production in South Korea went above 20%. Cosmetics exports in the nation are thought to be up based on the popularity of Korean beautyproducts. With a trade surplus of 3.6 trillion won, this number represents a 112% lift from the 1.7 trilliun won trade surplus in 2015.
Increased Growth
The nation has pitched its new K-Beauty product releases towards the prestige marketplace and innovative ingredient and application sphere high competition. South korea has also welcomed negative list system to improve safety and regulations around cosmetics manufacture and sales.
In Asia Pasific (APAC), there are number ofChinese speaking nations including Hong Kong, Taiwan and China, that remain the biggest importers of K-Beauty cosmetics products. WIth France, Italy and spain emerging as key new K-Beauty favorites, exports to these countries have also seen significant growth.
Cosmetics exports to France by 138.4% in 2016 compared to 2015, with export values reachinng 246.6% and 276% in Italy and Spain, respectively. The top 20 list of cosmetics exports featured both Spain and Italy. In 2016, total exports to advanced nations including US, Italy and France resched 737.9 billion won.
"The K-Beauty has seen rapid growth thanks mainly to the government's effort to improve regulations and support programmes, including the expansion of functional cosmetics regions, Sohn Mun-gi, Vice Minicister, Food and Drug Safrty, said to the Press.
"We will continously help domestic cosmetics products export smoothly to other countries and ease procedural regulations unrelated to safety through talks with regulators in the future so that the beauty hallyu (K-Beauty) can spend all over the world."
original -> http://www.cosmeticsdesign-asia.com/Business-Financial/South-Korea-trade-surplus?utm_source=copyright&utm_medium=OnSite&utm_campaign
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