The Taiwanese Ministry of Economic Affairs has announced an all-time high in cosmetic exports in 2017 thanks in part to a rise in new cosmetic brands being launched abroad and achieving success in countries such as China.
The total amount of cosmetic products exported rose 13.7 percent year on year to US$730 million, up from $650 million in 2016. The rise has been attributed to an influx of Taiwanese cosmetic companies launching their own-brand products overseas in a bid to cater to growing demand for the items.
Indeed, there were 137 new cosmetic makers registered in 2017, according to the MOEA, with China being the biggest export recipient at 56.7 percent, followed by the US at 10.9 percent, Southeast Asian Nations at 8.9 percent, and Japan at 4.2 percent.
Skincare manufacturers were benefitting from an upgrade of strategies and catering to foreign markets, coming out as the most popular export, up 22.2 percent at US$420million.