DAEGU, North Gyeongsang Province, Nov. 5 (Yonhap) -- Cosmetics exports from Daegu and North Gyeongsang Province have steadily increased over the past decade, with export markets also becoming more diversified, a report showed Thursday.

According to a report titled "Cosmetics Export Trends and Implications in Daegu and North Gyeongsang Province," released by the Korea International Trade Association's Daegu-Gyeongbuk Regional Headquarters on Wednesday, Daegu's cosmetics exports reached US$100.54 million last year, up approximately 11.8 times from US$8.49 million in 2016.

North Gyeongsang Province's cosmetics exports more than doubled over the same period, rising 2.3 times to US$206.51 million last year from US$91.6 million in 2016.

The upward trend continued this year. From January through September, Daegu's cosmetics exports rose 26.1 percent from a year earlier to US$98.7 million, while those of North Gyeongsang increased 33.3 percent to US$196.11 million.

Export destinations have also become more diversified.

In 2016, Chinese-speaking markets, including China, Taiwan and Hong Kong, accounted for 40.2 percent of Daegu's total cosmetics exports. This year, Hong Kong was the largest destination, accounting for 16.7 percent, followed by Japan at 14.2 percent, the United States at 14.1 percent and Russia at 9.5 percent.

North Gyeongsang has also diversified its export portfolio. While Chinese-speaking markets accounted for 84.9 percent of its cosmetics exports in 2016, the leading destinations this year were the United States at 18.4 percent, China at 16.8 percent, Japan at 11.5 percent and Canada at 10 percent.

The regional headquarters stressed that establishing a stable foundation for expanding exports into new markets is crucial to sustaining the growth of the cosmetics industry in the two regions.

"We plan to actively support local cosmetics companies in expanding their overseas sales channels through participation in international trade fairs and assistance in identifying local buyers," said Kwon Oh-young, head of the regional headquarters.

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