Entertainment and technology advantages give momentum to Korean exports

Korean entertainment's global influence and technological strengths help many Korean export industries receive optimistic signals in 2024.

South Korea's kimchi exports to hit record high in 2023. (Source: Yonhap)

South Korea's kimchi exports hit a new record high in 2023, data released on January 21 showed, amid growing global popularity of Korean entertainment content.

According to data from the Korea Customs Service, kimchi exports rose 7.1% to 44,041 tons in 2023, surpassing the previous record of 42,544 tons set in 2021. In terms of value, South Korea's kimchi exports last year rose 10.5% from 2022 to $155.6 million. Kimchi is a traditional Korean side dish made from fermented cabbage.

An official from Japan's Ministry of Agriculture, Forestry and Fisheries said the significant increase in kimchi exports last year was largely due to the growing popularity of Korean entertainment content around the world.

Japan was the largest importer of Korean kimchi in 2023, accounting for 20,173 tons, followed by the US with 10,660 tons and the Netherlands with 1,756 tons.

Previously, the Korean Ministry of Science and ICT announced on January 16 that exports of information and communications technology (ICT) products in December 2023 increased by 8.1% compared to the same period in 2022, mainly due to the recovery in global chip demand.

According to the ministry, ICT exports reached $18.3 billion in December 2023, up from $16.9 billion a year earlier. The December increase was the highest monthly increase in 2023 and the second consecutive monthly increase this year. Chip exports hit a monthly high of $11.1 billion in 2023, up 19.3% year-on-year, as memory chip sales surged 57.5%.

South Korea's overseas display sales rose 7.3 percent to $1.7 billion, continuing its growth streak for the fifth consecutive month, thanks to increased demand for phone OLED screens and liquid crystal displays.

However, the export value of mobile phones decreased by 1% to 940 million USD. Exports of computers and communication equipment also decreased by 29.6% and 25.5% to 820 million USD and 190 million USD, respectively.

Source: https://baoquocte.vn/loi-the-ve-giai-tri-va-cong-nghe-tao-da-cho-xuat-khau-han-quoc-258231.html