SEOUL, July 7 (AJP) - The Korean Wave is becoming a major force behind the country's economy, a report released by the Korea Foundation for International Cultural Exchange on Tuesday suggests.
The foundation estimated that Korean Wave-related exports climbed 15.9 percent on-year to US$18.98 billion this year.
Exports of Korean cultural content including K-pop and TV dramas totaled $10.19 billion this year, while related consumer goods and tourism exports reached $8.79 billion. The figures were up 14.2 percent and 18 percent, respectively, from a year earlier.
In particular, K-pop exports soared 84 percent, while tourism exports jumped 37.8 percent, driven by the global success of Netflix's hit animated film "KPop Demon Hunters."
Over the past decade, Korean Wave-related exports have grown 2.68-fold, roughly twice the pace of South Korea's overall goods and services exports, which increased 1.36-fold over the same period.
But the report also found that while the Korean Wave continues to gain traction globally, it is losing steam in some of its biggest markets such as Malaysia, Thailand and Viet Nam.
In Japan, historical frictions between Seoul and Tokyo have done little to affect the Korean Wave, as many Japanese who do not have a favorable view of South Korea still enjoy K-pop and South Korean soaps.
"We will continue to study the Korean Wave's economic impact and conduct research in major overseas markets to help shape future policies," said the foundation's president Park Chang-sik.
The foundation estimated that Korean Wave-related exports climbed 15.9 percent on-year to US$18.98 billion this year.
Exports of Korean cultural content including K-pop and TV dramas totaled $10.19 billion this year, while related consumer goods and tourism exports reached $8.79 billion. The figures were up 14.2 percent and 18 percent, respectively, from a year earlier.
In particular, K-pop exports soared 84 percent, while tourism exports jumped 37.8 percent, driven by the global success of Netflix's hit animated film "KPop Demon Hunters."
Over the past decade, Korean Wave-related exports have grown 2.68-fold, roughly twice the pace of South Korea's overall goods and services exports, which increased 1.36-fold over the same period.
But the report also found that while the Korean Wave continues to gain traction globally, it is losing steam in some of its biggest markets such as Malaysia, Thailand and Viet Nam.
In Japan, historical frictions between Seoul and Tokyo have done little to affect the Korean Wave, as many Japanese who do not have a favorable view of South Korea still enjoy K-pop and South Korean soaps.
"We will continue to study the Korean Wave's economic impact and conduct research in major overseas markets to help shape future policies," said the foundation's president Park Chang-sik.
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