THE WHAT? South Korea’s Ministry of Food and Drug Safety has revealed that the country’s cosmetics exports hit a record high last year, swelling 21.3 percent yoy to reach KRW10.5 trillion, according to a report published by Yonhap News.

THE DETAILS Indeed, the rise places South Korea third in the world-rankings of cosmetics exports, trailing only France and the US.

China was the biggest market for K-beauty, accounting for 53.2 percent of total exports, while demand grew in the US and Japan, rising 17.7 percent and 22.4 percent respectively.

THE WHY? Demand for K-beauty has risen as pandemic-related restrictions have lifted, driven particularly by a rebound in demand for color cosmetics as mask mandates and social distancing regulations have been lifted across the majority of the globe.