S. Korea's handbag imports on rise

SEOUL, Sept. 21 (Yonhap) -- South Korea's imports of handbags have been trending higher over the past five years as demand for luxury products remains strong despite a prolonged economic slump, data showed Sunday.

Handbag imports amounted to US$587.68 million last year, tripling from $193.85 million in 2009, according to the data by the Korea Customs Service. It marks the fifth straight year of increase.

The data showed that the trend is likely to continue, with imports in the January-August period this year totaling $424.08 million.

By country, Italy was the biggest exporter of handbags to the country, with the amount reaching $243.92 million. China came next with $71.68 million, followed by France with $68.1 million, according to the data.

"Demand for luxury bag seems to be intact despite a weakening economy. While the increase is likely to continue, the pace of growth is likely to slow due to the economic slump," said an official at a local department store.

mil@yna.co.kr
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