Korean Wave Has Induced 12.6 Trillion Won of Production

The Korean Wave, the global popularity of Korean pop culture, induced 12.6 trillion won (US$11.7 billion) of 2014’s national production, according to the Korea Trade-investment Agency (KOTRA) and Korea Foundation for International Culture Exchange (KOFICE).

The production inducement effect of the Korean Wave has steadily increased from 11 trillion won (US$10.2 billion) in 2011, KOTRA said.

Particularly, the online game and tourism sectors each created 2 trillion won (US$1.85 billion), while the food sector created 1 trillion won (US$925 million), KOTRA said.

The cosmetic sector induced 8.824 billion won (US$8.164 million) of production, having increased by 56.6 percent from last year, KOTRA said.

Moreover, the export value of the country’s cultural content, consumer goods, and tourism sectors increased by 8.4 percent from last year, while the country’s growth rate of its overall export value was 2.3 percent, KOTRA said.

The Korean Wave has become more popular in Malaysia, Myanmar, Vietnam, Uzbekistan, Indonesia, Taiwan, Singapore, China, Thailand, and the Philippines, KOTRA said. In contrast, it appeared to be declining in India, Iran, and Japan, KOTRA said.

The Korean Wave is steadily growing in its emerging markets in Mexico, the United States, Argentina, Germany, Russia, and Brazil, according to KOTRA.