Newsnomics AJAY ANGELINA reporter | The Ministry of Culture, Sports and Tourism, South Korea has announced that content industry exports 2021 exceeded a record high of KRW 14.3 trillion, up to 4.4% and

sales also increased KRW 137.5 trillion, up to 7.1% as compared to the previous year, according to the content industry survey 2021.

The Content Industry Exports records $12.45 billion dollars, higher

4.4% against the dollar to record KRW 14.3 trillion Korean won than

$11.92 billion in 2020.

Content industry exports exceed major items such as home appliances ($8.67 billion), secondary batteries ($8.67 billion), electric vehicles ($6.99 billion), and display panels ($3.6 billion) that has become a representative export item of Korea.

According to the Export-Import Bank of Korea analysis 2022, “the exports of Korean cultural (K) content

increase by $100 million dollars, exports of consumer goods such as cosmetics and food also increase by

$180 million dollars.”

In 2021, the number of Korean Wave clubs exceeded 150 million, and the amount of content exports also reached an all-time high due to the global Hallyu craze.

On the otherhand “the Sales also increased to KRW 137.5 trillion, up 7.1% from KRW 128.3 trillion in 2020.” 

Despite the prolonged COVID-19 and low global economic growth, the content industry is expected to play a key role in breaking through the economic downturn by recording a higher growth rate than all industries.
 
In 2021, all industrial production increased by 4.8% compared to the previous year as per Statistics Office, industrial activity trends.

Not only that the survey says, “The number of content industry businesses in 2021 increased to 109,000, up 9.1% as compared to 2020, but the number of workers decreased to 611,000 by 4.8%.

Park Bo-Gyun, the Minister of Culture, Sports and Tourism said, “The economic situation will be difficult this year. However, the content industry is expected to maintain a steady growth trend.”

“Since the promotion of the content industry and expansion of exports are major national tasks, we plan to

intensively foster the content industry by systematically establishing and executing policies in a structured

manner.” he said.

It is expected that content industry exports will continue to rise in the future, and at the same time, it is expected to lead the growth and exports of the manufacturing and service industries.

This statistical survey was conducted by the Ministry of Culture, Sports and Tourism on businesses in (8) eight

industries including publishing, cartoons, music, animation, advertising, characters, knowledge information, and content solutions, and (3) three policy research institutions including Korea Creative Content Agency, Film

Promotion Committee, Information and Communications cited the results of research on the game, film, and broadcasting industries, respectively.