Korea’s cosmetics exports grew to a record level in the first six months of the year, with annual exports expected to surpass $400 million for the first time, the Korea Customs Service said in a press release.

Korean cosmetics products have enjoyed huge popularity, particularly in Asia, as the region absorbs more than half the country’s cosmetics exports. The customs agency said the country’s cosmetics exports in the first half increased 38.7 percent, or $240 million, from a year ago. The momentum has continued in the last few years in spite of the global economic recession.

Local cosmetics companies now export to 119 countries.

“An improvement in the quality of local cosmetics goods and the Korean Wave have contributed to growth in the country’s exports,” the customs agency said in the statement.

Asia makes up 83 percent of Korea’s cosmetics exports. China is the biggest market–it absorbed 27.7 percent of Korea’s cosmetics exports in the first half. Next was Japan with 11.8 percent, followed by Hong Kong, Taiwan, and the United States – with these five countries accounting for 68.1 percent of Korea’s cosmetics exports.

“Korean cosmetics companies have strength in skin care products and our moisturizers are very popular in China,” said Kim Hyo-jeong, a spokeswoman at Amore Pacific, Korea’s leading manufacturer of cosmetics. Amore Pacific entered the Asian market in 2003 with brands like Laneige and Mamonde.

However, Korea still imports more cosmetics than it exports. The country still has an annual trade deficit of $300 million in cosmetics, with the average price of cosmetics imports much higher than that of exports. The unit price of the country’s cosmetics exports per kilogram is $22.90 compared to $38.90 for imports.