• Friday, 17 August 2018

South Korea Cosmetics Industry Stepped Up Its Trading Value


The strengthening in Yuan, China’s currency in recent times is causing extensive fluctuations in stock market related to IMF decision to China’s currency financial inclusion. Meanwhile trading inflation occurs in South Korea. Latest data has released recently about economic development in South Korea.

In last November, the exports in South Korea declined by 4,7% than in the previous year, while exports throughout the year has declined 7,4%. Highest trade surplus was worth 10,4 billion dollars while import fell exceed the export number. Main products sales as exports climbed up to 134% and telecommunication products increased to 24%, steel export was declining 27%, and machinery products declined to 14%.

The South Korean government saw the development in cosmetics industry which was quite significant that rises of up to 50%. The results of China trade which reached 0.25% of South Korea foreign trade had declined 7%. Trading to the United States declined by 12% while 19% declined to Japan. On the contrary, an increase of 52% happened to trading with the European Union.

Performance is still considered temporary while and trading ministry stated that this number will increase by December 2015. South Korea Minister of Economy Choi Kyung Hwan stated that South Korea export in the end of this year will start to make a difference in production and investment. Export sector weaker, particularly to the Chinese which is a major partner to South Korea. It is possible that economists will support the the country’s economy growth to increase its lower interest so that can support economic growth and made a more competitive exchange rate.

Cosmetics industry is still small compared to giant cosmetics producing countries such as France and the United States, but the numbers showing rapidly development this industry. Along 2014, French still held the predicate highest producer cosmetics that exceeded 7.600 billion dollars. The next competitor was United States with half of what France had, followed by German, Europe, South Korea whose values almost reached 2.000 US dollar, then Italy, and Japan. This data was obtained from Korea International Trade Associations.

Meanwhile, Japan companies are having a spike, the greatest in the last eight years in the third quarter of this year. This leads to the increasing of possibility of an economic recession. According to data from the Ministry of Finance in Japan, state expenditures in general increased to 11,2% for the last three months than in the previous year. In 2014, Japan expenditure has significantly increased so that its economic predicted that Japan recession that occur was not as signs of shown former. But on the other hand, recession exceeded the estimation. Along 2015, once again Japan rocked by the expenditure immediately after media reported that this country is undergoing recession in the middle of the year.

Grace Eldora

Grace Eldora Sinaga is a journalistic practitioner, graduated from Faculty of Communication Study Majoring Journalism, Unpad. She loves to learn Asian cultures and photography. She can be contacted at gracel@buminawa.com or twitter @glaceldo.