South Korean beauty products remain a hot seller in China, even as missile row simmers
In spite of geopolitical tensions and calls for a consumer boycott, South Korean beauty products maintain double-digit growth momentum in January
Exports of South Korean cosmetics and skincare products to China increased by 87 per cent in January, underscoring the resilience of Korean brands in the eyes of mainland consumers, even as a political row between Seoul and Beijing continues to simmer.
South Korean cosmetics exports to China reached US$151 million in January, up from US$81 million in the same period a year earlier, data from the official Korea Customs Service showed.
Trade between the two nations have been strained since March, when Beijing objected to Seoul’s decision to deploy the US THAAD missile defence system to counter military threats from North Korea.
As geopolitical tensions rose, some groups in China staged online campaigns calling upon consumers to boycott South Korean products.
Beijing also banned packaged tours to South Korea in March, which resulted in a 48.3 per cent on year drop in mainland tourist visits in 2017, according to data from the Bank of Korea, the country’s central bank.
Meanwhile, mainland sales of South Korean cosmetics grew by 23.4 per cent in 2017, compared with 34 per cent growth for 2016, according to figures from Foundation of Korea Cosmetic Industry Institute.