For the second year in a row, it looks like China will be the world’s leading importer of Korean cosmetics, while Hong Kong is set to overtake Japan as the second largest importer.
This represents the first time that Japan has dropped to third place in 15 years. According to data released by the Korea Customs Service, China and Hong Kong have been the biggest buyers of Korean beauty products in the first eight months of this year.
China imported 19,358 tonnes of Korean cosmetics, worth $323m. Hong Kong imported a total of 9,574 tonnes worth $213m. Japan were placed a distant third with 8,207 tonnes worth $140m.
Japan’s decline has been attributed to the weak Japanese currency driving up prices of Korean products in Japan. For the same period last year, Japan imported 9,217 tonnes and was the unchallenged runner up to China (12,953 tonnes), easily beating Hong Kong (5,230 tonnes).
Korean cosmetics exports to China increased by 33.1% so far this year, compared to the same period last year. Exports to Hong Kong during the period between January and August this year surpassed 90% of total exports in 2013.
For the time being at least, there are no signs of a slow down in China’s appetite for Korean cosmetics.
