S. Korea logs trade surplus in intellectual property rights in 2023

South Korea posted a trade surplus in intellectual property rights (IPRs) in 2023, partly due to trade surplus in copyrights, central bank data showed Wednesday. The country's cross-border IPR trade surplus stood at US$180 million last year, compared with a shortfall of $1.11 billion a year earlier, according to the preliminary data from the Bank of Korea (BOK). Last year's IPR trade surplus marks the second highest since a surplus of $160 million in 2021. The IPR trade surplus stemmed partly from a narrowed deficit from trade of industrial property rights, including patents, which came to $1.86 billion last year. Meanwhile, the country posted a surplus of $2.21 billion in copyright trade, including cultural and art content, and software development last year, widening from the previous year's $1.74 billion surplus. In particular, the country reaped a record trade surplus in cultural and art copyrights at $1.1 billion, and in music and films at $950 million last year, according to the data. The country 's manufacturing sector posted an IPR trade surplus of $2.77 billion last year, while the service sector posted a deficit of $2.71 billion, the data showed. By country, South Korea posted deficits with the United States, Britain and Japan of $2.09 billion, $3.23 billion and $3 million, respectively. With China and Vietnam, the country logged surpluses of $2.52 billion and $1.36 billion, respectively, according to the data. Source: Yonhap News Agency