May 31, 2012 11:44
The Korean Wave is having a spill-over effect and giving a significant boost to exports.
Revenue from music exports alone totaled US$180 million last year, up a whopping 113 percent from 2010, according to data released on Wednesday by the Overseas Economic Research Institute, which operates under the Export-Import Bank of Korea.
But for every $100 increase in exports of cultural products themselves, outbound shipments of processed food, clothes, cosmetics and IT products also grew $412 on average.
The Korean Wave began to take root in the late 1990s as Korean TV dramas caught on in markets like Japan and China. It has been enjoying a renaissance lately as K-pop spreads further afield to markets in the U.S., Europe and even South America.
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