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Biz News Korea(Eng)
S. Koreans’ overseas card spending hit a new record high in Q3
- Collected
- 2016.11.19
- Distributed
- 2016.11.21
- Source
- Go Direct
According to the Bank of Korea on Friday, South Koreans spent $3.78 billion using their credit and debit cards in foreign countries in the July-September period, up 9 percent from the previous record high in the second quarter ended June.
The significant surge in overseas card payment is largely due to a rise in the number of travelers going overseas for summer vacation and Chuseok, one of the biggest holidays in Korea. According to the Korea Culture and Tourism Institute, the number of outbound travelers in the third quarter stood at 6.05 million, up 19.4 percent from 5.07 million in the second quarter.
On the other hand, the amount of card spending by foreigners traveling to Korea came to $2.7 billion in the third quarter, down 2.3 percent from the previous quarter, BOK data showed. The amount is still up 36.8 percent from the same period last year when Korea’s tourism industry was hardly hit by the outbreak of the Middle East Respiratory Syndrome.
By Boo Jang-won
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]