K-pop exports surpassed one trillion won, or 723 million U.S. dollars, for the first time last year.

According to data from the Korea Culture and Tourism Institute(KCTI) on Wednesday, K-pop-related overseas sales were estimated to have jumped 34-point-three percent on-year to one-point-24 trillion won in 2023.

The overseas sales estimate was calculated by combining ballpark figures from album sales, overseas streaming services and overseas K-pop performances.

Sales from performances took up nearly 48 percent of total sales, followed by record product exports at over 31 percent and streaming services at 21 percent.

The institute said it anticipates overseas sales to continue to rise this year in line with the diversification of K-pop markets, active performances by K-pop rookies and consistent efforts to expand the K-pop industry's global reach.