Gov't to draw up strategy to expand consumer goods exports amid global K-culture boom

An Olive Young store in Myeongdong, Seoul / Courtesy of CJ Olive Young

The government plans to announce a comprehensive strategy aimed at expanding Korea's exports of consumer goods within this year amid growing global demand for Korean food, beauty and fashion products, the trade ministry said Wednesday.

Trade Minister Yeo Han-koo unveiled the plan during his meeting with major Korean companies manufacturing and distributing consumer goods, including online fashion platform Musinsa, e-commerce giant Coupang, and a leading health and beauty retailer CJ Olive Young.

The meeting was held to discuss measures to boost the country's exports of consumer goods in line with the rising popularity of Korean culture, the Ministry of Trade, Industry and Resources said.

The ministry said the upcoming strategy will likely include measures to help Korean products make inroads into global markets using a premium strategy, resolve difficulties related to exports, such as logistics and certification, and the establishment of global online malls for Korean-made products.

"Our distribution platforms are the key bridges connecting overseas consumers with Korean products," Yeo said, noting that consumer goods can become a new growth engine for the country's exports, which have traditionally been focused on semiconductors, automobiles and other industrial goods.