The country’s cosmetics exports reached an all-time high of 13 trillion won, or nine-point-three billion U.S. dollars, during the first eleven months of the year. 

According to the Ministry of Food and Drug Safety on Monday, the tentative figure for the January-November period surpassed the previous record of nine-point-two billion dollars for the entire year of 2021. 

The country’s exports of cosmetic products have steadily increased for the past decade, from one-point-eight billion dollars in 2014 to four-point-nine billion dollars in 2017, seven-point-six billion dollars in 2020 and eight-point-five billion dollars in 2023.

Cosmetic exports exceeded one billion dollars this past October alone.
 
The ministry attributed the rise to deregulation, as well as to the efforts of beauty businesses to develop products customized for local markets such as the U.S. and Japan.