2023년 주목해야 할 이슈
수만 가지의 시너지 레시피
K-컬처의 힘

From movies and music including the movie “Parasite,” boy band BTS, and popular drama on Netflix “Squid Game,” to dramas, beauty, food, and webtoons, popularity of Korean culture (“K-Culture”) is gaining huge popularity over the world. People from many countries and different races enjoy Korean culture and pay attention to Korean contents and products. We are experiencing a dramatic turnaround from the past when Korean people were crazy about foreign singers, movies, film series, and products called ‘made in 00.’

In an Issue Report “Economic Effects of K-Contents Exports,” published in May 2022, the Export-Import Bank of Korea’s Overseas Economic Research Institute analyzed the correlation between exports of Korean contents and exports of consumer goods – such as cosmetics, processed food, clothing, and IT devices - to six regions including Chinese speaking countries, Japan, Southeast Asia, North America, and Europe between 2006 and 2020, and estimated that exports of $100 million worth of Korean contents have a production inducement effect of $510 million (approximately KRW 700 billion).

The economic effects generated by K-Culture are too enormous to measure. K-Culture is even considered to have economic effects amounting to KRW 90 trillion per year when considering not only simple sales and production inducement effects, but also the ripple effects resulting from the upgraded national brand image and recognition. K-Culture indeed has been creating tens of thousands of synergies. Accordingly, we are closely looking into the influence, vision, and future challenges of K-Culture that will continue in 2023.