Balance of Payments

In 2012, South Korea exported about $27 million U.S. dollars' worth of music. By 2023, the country was exporting over $1 billion worth with the largest single market being the United States. It was a meaningful entry on the country's national accounts. Balanced against that was the import side of the same equation. South Korea is one of the largest importers of U.S. software, Hollywood films, branded consumer goods, and AI services in the world. The total value of those imports has grown alongside the export side, but at a different pace in a different mix. Add up every dollar that flows into a country, from goods exports, services exports, and inbound investment. Subtract every dollar that flows out from imports, foreign service purchases, and outbound investment.