Cosmetics exports are concentrated in Greater China

Vietnam, Thailand and other countries have increased their love for k-beauty and developed rapidly. Recently, it is believed that 65% of South Korean cosmetics exports are concentrated in Greater China, and enterprises should diversify through the development of ASEAN market. According to the ASEAN cosmetics market development plan released by the International Trade Research Institute of Korea Trade Association on the 18th, the export volume of South Korea's cosmetics last year was 6.36675 billion US dollars, accounting for 24.4% of the export volume of consumer goods except cars. From the perspective of the target countries, 65.6% of the total export volume to China mainland, Hong Kong, Taiwan and other Greater China accounted for the largest proportion, with ASEAN ranking at 10.8% Second. According to the report, South Korean cosmetics exports to greater China are affected by trade disputes between China and the United States, conflicts between Hong Kong and the mainland of China, trade and geopolitical risks are exposed, and there is a high degree of export dependence. Cosmetics exports to ASEAN, mainly from Vietnam and Thailand, have a rapid growth momentum, and diversified cosmetics export markets to ASEAN should be developed.

In the ASEAN market, the popularity of Korean and k-beauty is very high. The latest beauty trends, such as analyzing information through social platform (SNS) or expanding the influence of beauty information, have played a positive role in the spread of cosmetics awareness in South Korea. According to the report, it is predicted that in order to learn Korean make-up methods, Vietnamese consumers have also subscribed to Korean online content with English subtitles, and the number of mobile users will increase by 147.2 per 100 people. In Vietnam, huge attention will be attracted through social media and online Red sales, and the possibility of significant expansion of e-commerce sales in the future is very high. He went on to say that Thailand has the largest cosmetics market in ASEAN of US $6587.8 million. Influenced by Korean current, the cosmetics import volume of South Korea has increased 3.4 times in five years, becoming the fifth largest cosmetics import market in Thailand. Anti-aging, whitening and other functional cosmetics and environmental protection products are popular, so for Korean enterprises, the market development potential is huge. Kim hyeonsu, chief researcher of the International Trade Research Institute of the trade association of China, said that ASEAN is the development market expected by South Korea.