K-Beauty’s diversification of export products and destinations has been evident. The continued success of products like color cosmetics since last year, and a decreasing dependence on China in favor of exports to a variety of other countries, has been a notable trend.

According to the Korea Customs Service on April 3, this year’s first quarter saw cosmetic exports increase by 21.7% compared to the same period last year, reaching a record high of US$2.3 billion.

The export increase was led not only by fundamental products like skin lotions but also by a wide range of products including sunscreen, lipstick, cleansing foam, and perfume. The first quarter of this year saw a significant increase in exports across all categories compared to the same period last year.

In terms of export proportions, basic cosmetics such as skin lotions accounted for 44.4%, other cosmetics including sunscreen and wrinkle sticks for 25.1%, color cosmetics like face powder and lipstick for 15.5%, beauty products such as hair care and mask packs for 10.4%, and cleansing products for 4.2%. Notably, lipstick and other cosmetics performed well, indicating a diversification of products.

A look at exports by country shows a gradual decrease in dependence on China. China’s share of exports peaked at 53.0% in 2021 then fell to 45.3% in 2022 and further to 32.7% last year. For the first quarter of this year, the top destinations were China (26.6%), the United States (16.4%), and Japan (10.5%).

The number of export countries and volumes has increased. The 175 countries exported to this year mark the highest number during the same period in history, with record performances in 110 of those countries. Notably, major export destinations such as the United States, Japan, and Vietnam have continued to achieve record high performances in the first quarter of this year, following their success last year.