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S. Korea posts IPR trade deficit in 2022

Economy 12:00 March 24, 2023

SEOUL, March 24 (Yonhap) -- South Korea posted a trade deficit in intellectual property rights (IPRs) in 2022, partly due to shortfalls in industrial property rights, central bank data showed Friday.

The country's cross-border IPR trade shortfalls stood at US$1.33 billion last year, compared with a surplus of $160 million a year earlier, according to the preliminary data from the Bank of Korea (BOK).

The shortfalls stemmed partly from a rise in deficit from trade of industrial property rights, including patents, which came to $2.62 billion last year. Meanwhile, it posted a surplus of $1.52 billion in copyright trade, including cultural and art contents and software development.

The country's manufacturing sector posted an IPR trade surplus of $120 million last year, while the service sector posted a deficit of $1.55 billion, the data showed.

By country, South Korea posted deficits with the United States, Britain and Japan of $1.9 billion, $1.73 billion and $370 million, respectively. With Vietnam and China, the country logged surpluses of $1.71 billion and $1.03 billion, according to the data.


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