Exports of Hallyu (Korean Wave)-related products and services last year hit KRW 19.54 trillion, up 5.1% from 2022. Shown is a visitor taking photos at the Korea Expo 2024 held at the Paris Expo Porte de Versailles in the French capital, an event that ran from May 24-26. (Expo's official Instagram account)

By Park Hyeri

Exports of Hallyu (Korean Wave)-related products and services last year rose 5.1% (KRW 950 billion) from 2022 to USD 14.16 billion (KRW 19.54 trillion).

The Korean Foundation for International Cultural Exchange on June 10 said this in a report on the 2023 ripple effects of Hallyu.

Tourism and consumer goods exports led the surge in overseas shipments with growth of 21.8%. Tourism saw strong recovery following the end of the COVID-19 pandemic, while consumer goods, mainly cars, accessories, food and cosmetics, also saw improvement.

Exports of cultural content goods declined, however, dragged down by a 12.1% drop in games.

The awareness and consumption of Hallyu content also rose across 26 countries.

The Hallyu Status Index, a measure of Hallyu's popularity, increased from 3.2 in 2022 to 3.3 the next year. Similarly, the Hallyu Sentiment Index, measuring its growth, climbed from 119.3 to 123.3 over the same period.

By region, the Middle East was deemed a promising market for Hallyu expansion. Including Saudi Arabia, Egypt and the United Arab Emirates, this region was deemed to have reached the stage of Hallyu popularization and had the highest score in the sentiment index.

hrhr@korea.kr