South Korea Clocks a $560 Million Music Trade Surplus in H1 (Thanks K-Pop!)

In the first half of the year, South Korea raked in its largest half-year trade surplus to date, driven by the enduring popularity of K-pop.

South Korea’s content industry is thriving, with the country recording its largest-ever trade surplus on a half-year basis since statistics began in 2010. The music industry saw an impressive $560 million surplus during H1 2025, while the broadcasting and video industries clocked in at $360 million. Those numbers are driven in no small part by the unwavering popularity of K-pop on a global scale.

According to the Bank of Korea’s Knowledge Service Trade Statistics, released on Wednesday (September 17), the content industry’s trade balance in the first half of the year came in at a surplus of $2.5 billion. Imports recorded $3.28 billion, while exports recorded $2.5 billion. That’s around a 26% increase from the previous record high of $1.98 billion in the second half of 2024.

“The content industry has consistently shown growth compared to the previous period, maintaining an upward trend,” said a source from the Bank of Korea.

On the other end of the spectrum, South Korea saw deficits in its knowledge information (-$830 million), advertising (-$130 million), and publishing (-$20 million) industries during the same period. The overall knowledge service trade balance recorded a deficit of $4.53 billion in H1, driven by widening deficits in professional and business services (-$4.48 billion) and intellectual property royalties (-$2.45 billion).

“Payments for technology patent royalties in the manufacturing sector and increased research and development (R&D) outsourcing, along with South Korean citizens’ significant purchases and subscriptions to overseas apps related to gaming, OTT (online video services) and artificial intelligence (AI), contributed to the deficit,” the Bank of Korea explained.

However, the information and communication services ($1.96 billion) and cultural and leisure services ($440 million) sectors recorded surpluses. The manufacturing sector (-$2.47 billion) and digital intermediary platforms (-$2.2 billion) posted deficits.

Mid-sized enterprises in South Korea recorded a surplus of $930 million, while large corporations incurred a deficit of $3.75 billion. Overall, Asia recorded a surplus of $3.57 billion, as opposed to North America and Europe’s deficits of $3.77 billion and $2.18 billion, respectively.