SEOUL, KOREA – The Korea culture industry’s trade balance has moved into the black, backed by the Korean wave led by Korean rapper PSY’s Gangnam Style and the booming game industry’s brisk export activities.
On Tuesday, the Bank of Korea said the game, culture, and entertainment sectors, a part of Korea’s service trade balance, posted a surplus of USD 85.5 million last year. Korea raked in USD 1.25 billion while spending USD 1.17 billion.
The Korean culture industry, including the content industry (e.g. music, TV programs, animation and movies), notched up a trade surplus for the first time since such statistics began in 1980.
Korea’s trade balance in individual, culture and entertainment services have finally crawled out of the red and earnings have zoomed up for two consecutive years.
The Korea culture industry had continued to post trade deficits - USD 301 million in 2006, USD 481 million in 2007, USD363 million in 2008, USD 323 million in 2009, USD 385 million in 2010 and USD 94 million in 2011.
Sean Chung (hbpark@etnews.com)
**Article provided by etnews [Korea IT News]
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