South Korea's consumer goods exports are projected to reach a record high this year, with shipments totaling $42.2 billion (approximately 60 trillion won) through November. Food and cosmetics have emerged as major export categories, entering the nation's top 10 export items.
Korea Trade-Investment Promotion Agency (KOTRA) said Saturday that exports of the country's five major consumer goods categories—agricultural and fishery products, cosmetics, pharmaceuticals, household and baby products, and fashion apparel—reached $42.2 billion in the January-November period. With December figures yet to be added, total exports are expected to comfortably surpass last year's $42.7 billion.
Cosmetics and agricultural and fishery products have established themselves as key export items, with Korean Wave-related consumer goods exports exceeding $20 billion for the second consecutive year. Agricultural and fishery products recorded $11.28 billion in exports during the period, while cosmetics reached $10.36 billion. The two categories ranked ninth and tenth respectively among Korea's exports during the period.
Small and medium-sized enterprises are driving the structural shift in exports, leading shipments in both food and cosmetics. These companies account for 83 percent of food exports and 91 percent of cosmetics exports. The growing share of consumer goods led by SMEs is improving Korea's export structure, which had been dominated by large conglomerates and intermediate goods.
Market diversification strategies have been key to this growth. A decade ago, only four countries imported more than $100 million worth of Korean cosmetics annually. That number has grown to 19 this year. Agricultural and fishery products saw similar expansion, with markets increasing from 13 to 17 countries over the same period.
Exports to the Global South showed particularly strong growth this year. Through November, cosmetics exports to the United Arab Emirates surged 66 percent while agricultural and fishery products rose 39 percent. Exports to Turkey also increased, with cosmetics up 24 percent and food products up 66 percent.
"The expansion of K-consumer goods exports marks a historic shift in Korea's export history and will be a key driver of export diversification," KOTRA President Kang Kyung-sung said. "We will do our best to accelerate market diversification and advance Korea's position among the world's top five exporting nations through the virtuous cycle between Korean Wave culture and industry."
