“Chinese customers waiting to enter a Gucci store”
It has been reported that the market position of Korean consumer goods in China is decreasing.
According to the Korea International Trade Association’s trade statistics system, last year, Korea’s consumer goods exports to China amounted to $6.15 billion, a decrease of 6.9% compared to the previous year.
Korea’s consumer goods exports to China reached their peak in 2021 at $8.81 billion but have since declined for three consecutive years to $7.29 billion in 2022, $6.6 billion in 2023, and $6.15 billion in 2024.
When compared to the overall 3.1% increase in Korea’s consumer goods exports, the decrease in consumer goods exports to China last year is more pronounced.
Last year, consumer goods exports accounted for only 4.6% of Korea’s total exports to China.
As consumer goods exports continue to decline, 85.9% of Korea’s exports to China last year consisted of intermediate goods, including memory semiconductors, displays, and wireless communication components.
Korean cosmetics, which were once a leading consumer goods export to China, recorded $4.9 billion in exports in 2021 but have consistently declined, dropping to $2.5 billion in 2024.