Moscow's Exports of Cosmetics to US Up Almost 20% in 2021
According to data from the Mosprom Center for Export Support, Moscow-based cosmetics companies exported USD 933,910 in product to the United States in the period from January through July 2021, up 19.7% year-on-year and 261.1% from the first half of 2019. Moscow remains a key exporter in the cosmetics industry, accounting for almost a quarter (24.2%) of Russia's total cosmetics exports to the United States. This puts it in second place nationally, right ahead of the Moscow Region.
MOSCOW, November 30, 2021 (Newswire.com) - Makeup, skincare, and haircare products make up 94% of local companies' cosmetics exports to the United States, reaching USD 879,160 in the first seven months of the year. Both categories are demonstrating striking export growth, with makeup and skincare products up 299.3% from 2019 and haircare products up 443.9%.
"The US market shows a lot of promise for local cosmetics companies," says Alexander Prokhorov, director of Moscow's department for investment and industrial policy. "Over the past two years, Moscow has almost tripled its cosmetics exports to the United States. The starting figure was small, of course, but the rate of growth makes us optimistic that cosmetics exports will continue to do well. The Mosprom Center's experts are active in helping local companies expand into new markets abroad," Prokhorov added. "They find partners and buyers, provide market research, and offer consulting on everything from certification to logistics for entering the US market."
Moscow-based companies are seeing stable growth in their cosmetics exports after a drop during the first wave of the pandemic. Total exports of the city's cosmetics exceeded USD 204 million in the first half of 2021, up 30% year-on-year. CIS countries, Georgia, Poland, and Hong Kong are top importers of local cosmetics, but companies are expanding their sales geography: while 82 countries bought cosmetics from Moscow in 2020, in 2021 that number rose to 91. In addition to the United States, local cosmetics companies are increasing their presence in the European Union, the Middle East (UAE and Saudi Arabia), Japan, Chile, and Australia.
The Mosprom Center, a branch of Moscow's department of investment and industrial policy, provides personalized support for local small and medium-sized businesses. The Center's experts analyze target markets for the capital's manufacturers and help them determine the most effective strategy for entering foreign markets. As part of its buyer program, the Center's experts help local companies find partners and negotiate with potential buyers abroad. They also help exporters participate in international trade shows and business missions. All of this assistance is provided free of charge.
Source: MOSPROM
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Tags: Business, cooperation, mosprom
