Hallyu-themed exports make big jump

By Chung Ah-young

“Hallyu” or Korean wave-themed exports have been on the rise.

According to recent data from the Bank of Korea (BOK), the country posted a surplus in the trade of cultural products and services for the second-consecutive year in 2013, thanks to robust exports in music, movies, television shows and video games.

Last year’s surplus was measured at $167.1 million, more than double of the $64.9 million for 2012, which marked the first time Korea posted a trade surplus in this account.

“If we consider the secondary effects, including how the exported cultural products influenced other markets, and also intellectual property income, the country’s cultural industry might be even bigger than what the numbers indicate,” said Noh Chung-shik, a BOK economist.

Korea’s pop music products, movies and television programs combined for $461 million in exports last year, a 13 percent increase from 2012.

The imports of foreign audiovisual products and services rose just 3 percent to $372.9 million during the period, as Korean products continued to drive consumption in key markets like movies.

The hallyu phenomenon starting from the Korean drama boom some 10 years ago is now expanding its scope to various fields such as K-pop, films, food and others, attracting the global consumers to diverse aspects of Korean cultural goods. It exploded in 2012 when the singer/rapper Psy’s “Gangnam Style” went viral.