MUMBAI: According to new data from the Korean Film Council (KOFIC), film exports from Korea fell by 32.9 per cent in 2009.
Sales companies sold 279 films to 41 countries for a total of $14.1million (KRW16.4bn) last year. In 2008, 354 films sold to the same number of countries for a total of $21million.
KOFIC‘s study attributes the fall to the slump in local production during 2007 and 2008, as well as the indirect effects of the global financial crisis.
Asia still accounts for the majority of sales, taking up 72.43 per cent, up from 61.67% year-on-year with Europe taking 16.8 per cent, down from 42.7 per cent and North America buying 6.31 per cent, down from 71.6 per cent.
While Japanese buyers accounted for 42.1 per cent of the total export, sales to China rose sharply 78.4 per cent to $1million. The figure is similar to that of sales to the much smaller market of Taiwan that also went up by 22.9 to $1 million.
The government body also noted upon international business developments besides the export of completed films.