Exports related to Hallyu reach $12 billion due to BTS and 'Squid Game'

연합뉴스 / 2022-05-26 15:55:04
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▲ This file photo shows BTS(Left) and "Squid Game."(Right) (Yonhap)

 

 

SEOUL, May 26 (Yonhap) –As exports related to Hallyu reached 12 billion dollars(15 trillion won) last year, they are reported to have increased from the previous year despite the prolonged COVID-19 pandemic.


In particular, thanks to the popularity of K-pop boy group BTS and drama “Squid Game,” Korean products and contents have become popular in the United States, the United Kingdom, and Australia, which had not been interested in Hallyu.

According to the "2021 Ripple Effects of Hallyu” published by the Korea Foundation for International Cultural Exchange on May 26, the total exports related to Hallyu reached 11.696 billion dollars(around 14.7861 trillion won), which increased by 1.5% from the previous year.

The rate of increase in Hallyu content exports reached 19.2%, leading to an increase in overall exports. The exports of cultural content decreased by 7.2%, but these were analyzed as a base effect of a surge in exports in the previous year.

The report was based on a survey of 8,500 overseas Hallyu content consumers in 18 countries around the world and statistics on the export of cultural contents, consumer goods, and tourism.

The "Hallyu Status Index," which indicates the current popularity of Hallyu, and the "Hallyu Sentiment Index," which indicates the rate of growth and decline of Hallyu, each increased by 4.9% and 6.2%.

Based on the Hallyu Status Index, the report classified 18 countries as “Minority interest,” “Expansion,” and “Popularization.”

Hallyu have been popularized in six countries, including Vietnam, Malaysia, Taiwan, Indonesia, Thailand, and China, adding three more countries compared to the previous year. The remaining 12 countries were all classified as expansion, and there were no countries of minority interest. In other words, Hallyu is widespread throughout the world.

Hallyu Sentiment Index categorizes each country as “Decline,” “Medium growth,” and “High growth” based on the country’s interests in Hallyu.

India, Thailand, Vietnam, and United Arab Emirates were found to be high growth, while the remaining 14 countries showed medium growth.

The report explained, “Japan, which has been categorized as a decline group for a long time, moved to middle growth group.”

Then, it analyzed, "Hallyu has been popularized in middle to low-ranking countries, such as the United States, the United Kingdom, Australia, and South Africa,” adding, "This is because the global syndrome of “Squid Game” and BTS was huge.”

Meanwhile, the value added inducement effect of Hallyu last year was 10.8725 trillion won, while the employment inducement effect was 129,879 people.

(END)

 

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