Exports of cosmetic products hit record high in Q1

South Korea's exports of cosmetic goods rose more than 20 percent on-year to reach an all-time high in the first quarter of 2024 on the growing popularity of Korean culture, data showed Wednesday. Outbound shipments of cosmetics totaled US$2.3 billion during the January-March period, up 21.7 percent from a year earlier, according to the data by the Korea Customs Service. It marked the highest level ever for any first-quarter figure. Overseas sales of South Korean cosmetic goods reached a yearly high in 2021 with $9.22 billion but fell to $7.98 billion in 2022 amid sluggish demand from China and the COVID-19 pandemic before recovering to $8.49 billion last year. China was the No. 1 destination in the first quarter with exports coming to $610 million. The United States came next with the export value coming to $380 million, followed by Japan with $240 million and Vietnam with $150 million. South Korean cosmetics were sold to 175 nations during the cited period, the data showed. Source: Yonhap News Agen cy