S Korea’s trade deficit in intellectual property rights widens in 2020

24 March, 2021 12:00 AM printer

SEOUL: South Korea’s deficit in the trade of intellectual property rights widened in 2020 from a year earlier as patent payments by firms increased, central bank data showed Tuesday.

The nation’s deficit in the intellectual property account came to US$1.87 billion last year, compared with a shortfall of $530 million in 2019, according to preliminary data from the Bank of Korea (BOK), report agencies.

Its exports of products and services subject to intellectual property right payments reached $15.53 billion in 2020, slightly up from $15.41 billion the previous year. Its imports rose to $17.4 billion from $15.9 billion.

The BOK said the rise in the deficit came as conglomerates’ payments of patents on tech products increased.

By country, South Korea posted a shortfall of $3.84 billion in the trade of intellectual property rights with the United States.