China was the biggest buyer of Korean beauty products last year, grabbing almost half of the country’s cosmetics exports, according to Korea Health Industry Development Institute data.
Chinese buyers accounted for 41.1 per cent of South Korea’s cosmetics exports, jumping from 22.1 per cent portion in 2013.
The value of the exports also skyrocketed, from US$274.34 million in 2013 to $1.04 billion last year.
However, exports to China could be in jeopardy if Beijing imposes economic sanctions in response to South Korea’s push for an advanced US missile defense system, says the institute. South Korea announced in July that it would take on the Terminal High Altitude Area Defense (THAAD) system by the end of next year to counter growing threats from North Korea.
“There is concern over the Chinese government enacting indirect or direct economic sanctions and possible anti-South Korea sentiment in China,” says the institute.