Customers select cosmetics at a duty-free shop in Haikou, south China's Hainan Province, Jan. 29, 2023. (Xinhua/Pu Xiaoxu)
BEIJING, April 17 (Xinhua) -- China's cosmetics exports to the Regional Comprehensive Economic Partnership (RCEP) member countries in 2022 increased 53.8 percent from the previous year to 1.51 billion U.S. dollars, accounting for 26.4 percent of the country's total cosmetics export last year, according to a report.
The report, titled RCEP Cosmetics Market Research Report – ASEAN, was released on Sunday during the 2023 China International Cooperation Forum on Cosmetics held in Beijing.
It is estimated that the RCEP members cover more than 40 percent of the global cosmetics market, said Wang Maochun, vice president of China Chamber of Commerce for Import and Export of Medicines and Health Products, adding that the RCEP region holds larger potential for cooperation with Chinese cosmetics industry, compared with the more saturated markets in Europe and America.
As the domestic cosmetics industry is gaining momentum in recent years, Chinese cosmetics brands are inserting themselves in the global market. In the year 2022, China's cosmetics exports amounted to 5.72 billion U.S. dollars in total, up 17.8 percent year on year, according to the report.
With a total export value of 1.24 billion U.S. dollars, the United States came in as the largest destination country for Chinese cosmetics exports last year, followed by the United Kingdom, Japan, Thailand, Indonesia, Malaysia, the Netherlands, Australia and the Philippines, said the report.
The report suggests that the cosmetics industry should make full use of the cross-border e-commerce policies, which, supported by continuously improving platforms, payment mechanisms, warehousing and logistics, are offering a mature and stable environment for Chinese brands to go global.
(Edited by Yu Huichen with Xinhua Silk Road, yuhuichen@xinhua.org)
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