A local think tank says South Korea's brand value has slipped for the third straight year to rank 12th out of 36 countries. According to a study conducted by the Institute for Industrial Policy Studies, the 12th-place ranking translates into a total value of some 370 billion dollars. The estimate was based on surveys of the nation's exports of products and services, tourism revenue, national competitiveness and brand name recognition by foreigners. The institute attributed the drop in South Korea's ranking to Hong Kong's inclusion in this year's survey as well as a decline in the country’s global recognition since the 2002 FIFA World Cup that it co-hosted with Japan. The United States topped the list with an estimated value of three point two trillion dollars, followed by Germany at one point seven trillion and Japan at one trillion dollars.