Power play: Chinese consumers snap up AmorePacific et al but K-beauty’s heavy reliance on China puts industry at risk

Power play: Chinese consumers snap up AmorePacific et al but K-beauty’s heavy reliance on China puts industry at risk

China is the biggest overseas buyer of South Korean beauty products, according to data released by the Korea Health Industry Development Institute. The country accounted for 41.1 percent of K-beauty exports in 2015, a considerable jump on 2013 figures, when exports to China represented just 22.1 percent of the total.

Shipments of make-up also soared, up from US$274.34 million in 2013 to US$1.04 billion in 2015.

But while the numbers are cheering for K-beauty manufacturers now, according to a report published by Yonhap News, such heavy reliance on the Chinese market places the K-beauty industry at significant risk.

China has objected to plans to install an advanced US missile defence system on Korean soil, and could drum up anti-Korean sentiment, not to mention impose economic sanctions on Korean goods should the plan go ahead.

 

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