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S. Korea sees surplus from media content narrow on China setback

All Headlines 11:07 November 11, 2017

SEOUL, Nov. 11 (Yonhap) -- South Korea's trade surplus in the media content sector narrowed sharply in the first nine months of 2017 from a year earlier due largely to a diplomatic row between Seoul and Beijing over a U.S. missile defense system, data showed Saturday.

South Korea logged a trade surplus of US$243.8 million in the sound and image services in the January-September period, down 40.3 percent from a surplus of $408 million a year earlier, according to the data compiled by the Bank of Korea (BOK).

The trade balance in this segment mainly refers to the imports and exports of key media content ranging from TV programs, movies and music to income by Korean pop stars in offshore markets.

The narrowed surplus came as sales of South Korean media content sharply dropped following Beijing's apparent retaliatory measures against South Korean products in response to Seoul's decision to host the Terminal High Altitude Area Defense (THAAD) system here.

South Korea bagged a surplus of $817 million in the sector in 2016, jumping 40.6 percent from a year ago, on the back of increased overseas sales of popular movies, music and TV drama series.

Industry watchers expect a recovery in the figures, as the two countries have agreed to put the THAAD issue behind and move forward.

President Moon Jae-in and his Chinese counterpart Xi Jinping were set to hold a bilateral summit in Vietnam later in the day on the sidelines of the Asia-Pacific Economic Cooperation (APEC) meeting.

S. Korea sees surplus from media content narrow on China setback - 1


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