Rising Wave

 

The export of consumer goods related to the Korean Wave is continuing to show a solid increase, even though overall exports from Korea are stagnating.

Hyundai Research Institute senior researcher Kim Kwang-seok said in his report on May 25 that the Korean Wave is having a positive impact on the export of consumer goods as something beyond popular cultural content.

“Foreigners influenced by the Korean Wave are increasingly preferring the Korean way of life and getting interested in Korean food and beverages, fashion, consumer electronics, household items, etc.,” the report read, continuing, “The export of those goods related to Hallyu increased by 17.8 percent in 2014 and by 33.3 percent in the first quarter of this year, whereas the overall exports from Korea edged up 2.3 percent and declined 2.9 percent in the respective periods.”

The report added that exports to Thailand and Vietnam have shown remarkable increases since 2010, with the export amounts going up by an annual average of 21.2 percent and 19.8 percent between 2007 and 2014, respectively. The export of home appliances accounted for 60.4 percent of the total exports in 2014, while fashion and beauty products recorded a 51.6 percent export growth between 2013 and 2014 and 101.1 percent between 2014 and the first quarter of 2015. “The best part of the consumer electronics exports went to China and India, and that of the fashion and beauty product exports headed for Thailand and Hong Kong,” the researcher explained.

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