In the latest South Korean cosmetics news, South Korea's cosmetic exports posted a record high, surpassing the 10 trillion won mark for the first time. Korea's Food and Drug Safety Ministry reported that cosmetic exports grew 21.3 percent from 2020, reaching 10.5 trillion won ($8.1 billion) in 2021, according to Yonhap News. Cosmetics outperformed biopharmaceutical products and smartphones, which posted $8.4 billion and $4.9 billion, respectively.
"The ministry will support the development of the domestic cosmetics industry and strengthen our international competitiveness by boldly innovating unnecessary regulations while ensuring safety. We will continue to communicate and cooperate with the cosmetics industry," Food and Drug Safety Minister Oh Yu-Kyoung said.
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