The Bank of Korea on March 6 said the "Hallyu trade surplus" last year saw a record high amid the dynamic growth of K-content consumption worldwide. On the left is K-pop sensation BLACKPINK while on the right is a scene from "Squid Game," a Korean Netflix TV series that took the world by storm. (BLACKPINK's official Facebook and Netflix)

By Lee Jihae

The "Hallyu trade surplus" last year reached a record high as global consumption of domestic content soared.

The Bank of Korea on March 6 said income earned abroad from the country's audio and video content and related services reached USD 1.7 billion, a 47.9% jump from last year's USD 1.15 billion.

Imports of the same items last year reached USD 467 million, up 9.7% from USD 421 million in 2021.

The three items last year earned a surplus of USD 1.23 billion, or KRW 1.59 trillion based on last year's average foreign exchange rate of KRW 1,291.9 per dollar. Spending on them saw few fluctuations but the jump in revenue saw such a surplus, marking its highest amount since such statistics began to be compiled in 2006.

Nicknamed the "Hallyu balance account," the balance account of audio and video content and related services refers to the gap between funds earned from TV and radio programs, movies, musicals and sound sources and the money spent on them. 

Several reasons are behind the steep rise in the surplus.

K-pop acts such as BTS and BLACKPINK enjoy global popularity around the world, not just in Asia, and Korean movies and dramas have also gained major popularity by breaking through national borders with the expansion of the over-the-top streaming market.

Among hit dramas, "Squid Game," released in September 2021, topped Netflix viewer all around the globe and "Extraordinary Attorney Woo," which debuted last year, stayed No. 1 for weeks.

The government is also aggressively supporting Korean content production.

The Ministry of Culture, Sports and Tourism in December last year announced its sixth mid-to long-term plan (2023-27) to stimulate the broadcast sector. It pledged to support the expansion of technology and development of human resources and production infrastructure to raise the industry's sales to KRW 30 trillion in four years.

jihlee08@korea.kr