Exports of cosmetics products hit a fresh high through Sept in S. Korea

Seoul, Oct 17 (IANS) South Korea's exports of cosmetics rose to an all-time high in the first nine months of the year amid inroads into new markets, data showed on Friday.

Outbound shipments of cosmetics totaled US$8.52 billion in the January-September period, up 15.4 per cent on-year, marking the highest level for the cited period, according to the data from the Korea Customs Service, reports Yonhap news agency.

In the third quarter alone, cosmetics exports stood at $3 billion, up 17.6 per cent from a year earlier.

It marked the ninth consecutive quarter of growth and the highest level for any third-quarter figure, the customs agency said.

By country, the United States was the No. 1 destination, accounting for 19.7 per cent of total exports. China and Japan followed, accounting for 18.5 per cent and 9.7 per cent, respectively.

"Despite a drop in shipments to China, which used to be the No. 1 destination for local cosmetics products, overseas sales are posting continual growth on efforts to diversify markets," the customs agency said.

Korean cosmetics were sold in a total of 205 countries, the largest figure ever, the agency added.

By category, skin care products, such as moisturizers, accounted for 41.7 per cent of all overseas sales.

Other cosmetic products, including sunscreen and anti-aging products, accounted for 25.5 per cent, while color cosmetics, such as lipsticks and eye shadows, accounted for 1.4 per cent.

Meanwhile, the country's money supply increased at the fastest pace in 17 months in August, driven by rising funds amid a strong stock market, central bank data showed earlier this week.

The country's M2, a key measure of the money supply, stood at 4,400.2 trillion won ($3.08 trillion) in August, up 1.3 per cent from the previous month, according to preliminary data from the Bank of Korea (BOK), reports Yonhap news agency.

It was the largest monthly increase since March 2024, when M2 rose 1.5 per cent.

Compared with a year earlier, the figure jumped 8.1 per cent in August, marking the sharpest annual increase since July 2022.

--IANS

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