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KOTRA: Korean Wave Creates Economic Effect of KRW 600 BN in 3 Years

The economic effect in Europe of the Korean Wave was KRW 665.6 billion and the Korea-EU free trade agreement (FTA) was KRW 392.1 billion, respectively, according to a survey conducted by KOTRA on the Korean Wave. Respondents comprised 249 individuals from the general public and 232 experts in seven European cities, plus 41 Korean entrepreneurs, for a total of 522.

The survey found that the value of Korea’s national brand increased by 4.4 percent as K-pop and other elements of Korean culture entered Europe.

The economic value of the Korean Wave on Korean products was calculated at KRW 665.6 billion based on Korea’s exports to Europe, the percentage of consumables in Korea’s exports, an increase in the values of Korean products and effects on Korea’s national brand between 2010 and 2012. The effect of the Korea-EU FTA was calculated based on experts’ answers to the survey.

The growth potential of Korean cell phones, cuisine, movies and dramas were found to be high when awareness and preference for Korean appliances, cell phones, automobiles, clothing, music, movies, drama and cuisine, which are seven main consumables from Korea, were studied.

Regarding Korean cell phones, 61.8 percent of the respondents said they recognize the products and 67.8 percent said they prefer them.

Preference for Korean cuisine (61.5 percent) was higher than awareness (33 percent), showing large growth potential. Preference for Korean movies and dramas (49.2 percent) was also higher than awareness (24.5 percent).

Source Text

Source: Yonhap News (July 8, 2013)

** This article was translated from the Korean.

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