EVs, cosmetics top list of Korea's leading exports

Electric vehicles (EVs) and cosmetics have emerged as two of Korea’s top export items over the past decade, replacing traditional bestsellers like diesel cars and televisions, according to a report released Tuesday.

Cars ready for exports are piled up at a port in Pyeongtaek, Gyeonggi on Sept. 16. [YONHAP]

Electric vehicles (EVs) and cosmetics have emerged as two of Korea’s top export items over the past decade, replacing traditional bestsellers like diesel cars and televisions, according to a report released Tuesday.

The reshaping of Korea's consumer export landscape reflects the rise of K-content and global decarbonization trends, according to the Korea Chamber of Commerce and Industry (KCCI).

The KCCI’s report, which compared Korea’s consumer goods exports in 2014 and 2024, found that EVs jumped from 46th place to 2nd over the 10-year period. Food products jumped from 11th place to 6th, cosmetics moved from 16th to 7th, and used cars climbed from 17th to 9th place — all breaking into the top 10.

Electric vehicle exports surged from $140 million in 2014 to $10.1 billion last year — nearly a 70-fold increase. Cosmetic exports also grew fivefold during the same period, from $600 million to $3.2 billion.

In contrast, items that once led Korea’s export economy fell behind. Diesel vehicles dropped from 2nd to 11th place, televisions from 7th to 77th, household detergents and soaps from 8th to 13th and medical accessories from 9th to 20th.

While automobiles remained Korea’s No. 1 export item in both years, demand has shifted from gasoline and diesel-powered cars to EVs, in line with global efforts to reduce carbon emissions.

Consumer goods exports from Korea grew at an average annual rate of 2.6 percent over the past decade, outpacing the country’s overall export growth rate of 1.8 percent. During the same period, capital goods grew 0.9 percent and capital goods by 2.1 percent.

“Compared to capital goods and raw materials, consumer goods are less sensitive to economic cycles, making them a stabilizing force for exports,” the KCCI said in its report.

“Consumer goods are less vulnerable to global market volatility, and the rising global recognition of Korean brands is reinforcing export stability,” said Suh Yong-gu, a professor of business administration at Sookmyung Women’s University. “If Korea focuses on nurturing strategic products with high growth potential, it can secure sustainable export expansion.”

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom. BY NA SANG-HYEON [lim.jeongwon@joongang.co.kr]