S. Korea's intellectual property trade deficit widens in 2020

South Korea's intellectual property rights deficit widened in 2020 to $1.87 billion from $530 million in 2019, as patent payments by firms increased, according to data from the Bank of Korea (BOK).

The country's exported $15.53 billion worth of products and services subject to intellectual property right payments in 2020, slightly increasing from $15.41 billion in 2019.

Its imports rose from $15.9 billion in 2019 to $17.4 billion last year.

South Korea posted a $350 million shortfall in the trade of intellectual property rights with Japan, down from $780 million in 2019. It also logged a trade deficit of $3.84 billion with the US last year.

Meanwhile, South Korea's trade surplus in intellectual property rights with China widened to $2.59 billion last year from $2.02 billion in 2019. It also posted a surplus of $1.77 billion with Vietnam.