This scene is from the hit ENA drama "Extraordinary Attorney Woo," which is available on Netflix. (ENA)

Content sector in 2021 breaks export record with USD 12.4B

By Kim Hyelin

Content exports in 2021 set a record-high of USD 12.4 billion.

According to the Ministry of Culture, Sports and Tourism's study released on Jan. 4 on domestic cultural content in 2021, the sector's overseas shipments grew 4.4% from USD 11.92 billion in 2020 to USD 12.45 billion a year later, or KRW 14.3 trillion if the annual average exchange rate of 2021 is applied. 

The content industry is Korea's top export driver, surpassing leading items like home appliances (USD 8.67 billion), secondary batteries (USD 8.67 billion), electric vehicles (USD 6.99 billion) and display panels (USD 3.6 billion).

A report by the government-run Export-Import Bank of Korea said that if exports of cultural content rise by USD 100 million, those of consumer goods like cosmetics and food grow by USD 180 million. 

The ministry said, "This result was thanks to the global boom of Korean pop culture, with Hallyu (Korean Wave) fan clubs seeing over 150 million members."

Over the same period, sales of domestic content hit KRW 137.5 trillion, up 7.1% from KRW 128.3 trillion year on year. Despite a sluggish economy due to the prolonged COVID-19 pandemic, the content industry last year showed growth higher than that of all industries combined (4.8%).

Minister of Culture, Sports and Tourism Park Bo Gyoon said, "We will develop a well-organized policy since promoting the content industry and boosting its exports are major national tasks."

kimhyelin211@korea.kr