SEOUL, Aug. 24 (Korea Bizwire) – South Korea’s deficit in the trade of intellectual property rights narrowed from a year earlier in the first quarter on the back of a sharp cut in shortfalls from industrial property rights, data showed Wednesday.
In the January-March period, South Korea posted a trade deficit of US$780 million in intellectual property rights, down 60.4 percent from $1.97 billion from the same period last year, according to the Bank of Korea (BOK).
South Korea exported $2.8 billion and imported $3.58 billion in intellectual property rights in the first quarter.
The drop in the overall trade deficit in the first quarter was mainly attributed to a large cut in the deficit from the industrial property sector, which narrowed to $810 million from $2.08 billion from a year earlier.
The country’s deficit from the industrial design sector fell to $20 million from $80 million from a year earlier, while the deficit from the trademarks and franchise sector increased to $170 million from $130 million from a year earlier.
By industry, the manufacturing sector posted a deficit of $650 million in the first quarter, compared with a deficit of $1.78 billion in the same period last year.
By country, South Korea posted the largest amount of trade deficit of $1.03 billion with the United States in the first quarter, compared with a deficit of $2.34 billion in the same period last year.
The country’s largest surplus of $470 million in the intellectual property sector was achieved through trade with China, an increase from $440 million from a year earlier.
China is South Korea’s largest trading partner.