Korea posts record trade surplus for cultural products

• Published date: 07 March 2023
• Publication title: The Korea Times

Korea posted a record trade surplus for cultural products and services in 2022, amid the growing popularity of K-pop plus TV dramas and movies on streaming services.

According to the Bank of Korea (BOK), Monday, the balance of payments for sales of cultural products amounted to $1.7 billion in 2022, up 47.9 percent from a year earlier.

gettyimagesbank

gettyimagesbank

During the cited period, the balance of payments from abroad for the purchase of music, films and other cultural products increased by 9.7 percent to $467 million.

The difference in cultural exports and imports resulted in a surplus of $1.23 billion ? the highest since 2006 when the relevant data was first compiled.

Korea logged its first trade surplus for cultural products and services in 2013 when the amount was worth $85.5 million.

The surplus was on an upward trajectory from 2014 to 2016 but shrank sharply from 2017 to 2020...