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Despite of global economic recession due to COVID-19, the trade balance of Korean cosmetics exports surpassed 7 trillion won surpluses.

Ministry of Food and Drug Safety announced on the 21st that the trade balance of Korean cosmetics exports recorded surplus worth 7.92 trillion won ($6.44 billion) in last year since it had recorded first surplus worth 100.6 billion won.

In particular, the surplus of cosmetics accounted for 14.3% of a total trade balance ($44.865 billion) in Korea. The exports of cosmetics ($7.5 billion) were more than mobile phones ($4.1 billion), and drugs ($7.2 billion).

Also, Korean cosmetics industry ranked the No.3 in the world’s exports of cosmetics. Korean cosmetics exports increased by 16.1% year-on-year, was third-largest exports following France ($14.81268 billion) and the U.S. ($8.8116 billion).

However, the production performance of cosmetics decreased by 6.8% to 15.1618 trillion won compared to 2019. It is because there has been a change in performance by cosmetic product types due to COVID-19.

According to production performance by product types, hygiene products such as hand sanitizer increased by 20.5% year-on-year. However, color makeup cosmetics production decreased by 21.5% due to the impact of social distancing and wearing masks, and eye-makeup cosmetics remained at similar rate (increase 0.3%).

By Global Economic Reporter Min Ji Son