Last Year, Total Hallyu Exports Increased by 5.1% Compared to the Previous Year

International Cultural Exchange Promotion Agency Publishes 'Study on the Ripple Effects of Hallyu'
Exports of Cultural Contents Decline but Consumer Goods and Tourism Rebound

Last year, the total export value attributed to Hallyu increased by 5.1% compared to the previous year, reaching 14.165 billion USD.

The Korea Foundation for International Cultural Exchange published the "2023 Hallyu Impact Study" on the 10th. This report estimates the economic ripple effects of Hallyu and explores future growth strategies. According to the report, last year’s cultural content product exports related to Hallyu decreased by 6.0% compared to the previous year, due to a decline in game exports (-12.1%). However, exports of consumer goods and tourism increased by 21.8%, maintaining the overall upward trend in total exports.

A representative from the Korea Foundation for International Cultural Exchange explained, "The recovery of tourism following the transition to a COVID-19 endemic phase and improvements in exports of consumer goods such as automobiles, accessories, food products, and cosmetics played a significant role."

Hallyu awareness and consumption of Hallyu content also generally improved across twenty-six major countries. The Hallyu Status Index, a measure of Hallyu’s popularity and mainstream acceptance, rose from 3.2 to 3.3. The Hallyu Sentiment Index, which indicates the degree of growth or decline of Hallyu, also increased from 119.3 to 123.3. Regionally, Middle Eastern countries such as Saudi Arabia, Egypt, and the UAE reached the stage of Hallyu mainstreaming (Hallyu Status Index above 3.5). The Hallyu Sentiment Index also peaked in these areas, classifying them as promising regions for Hallyu growth.

Kim Kyungnam, Secretary General of the Korea Foundation for International Cultural Exchange, stated, "It is encouraging that both export values related to Hallyu and overseas awareness of Hallyu have shifted to an increasing trend. We will continue diverse Hallyu research and seek various exchange methods."

This content was produced with the assistance of AI translation services.