The departure hall of Incheon International Airport, west of Seoul, is crowded with overseas travelers. (Image : Yonhap)
SEOUL, April 5 (Korea Bizwire) – Overseas consumption by South Korean residents surged to a new high last year, central bank data showed Tuesday, mainly on a large increase in the number of people going abroad.
In 2015, the overseas consumption expenditures of South Koreans came to 26.27 trillion won (US$22.74 billion), according to preliminary data from the Bank of Korea (BOK).’
The 2015 tally marks a 13.7 percent hike from 23.11 trillion won in the previous year.
The on-year increase was largely attributed to an equally great surge in the number of local residents going abroad.
According to the state-run Korea Tourism Organization, the number of people going overseas jumped 20.1 percent on-year to 19.31 million last year.
Final consumption expenditures of local residents abroad does not include money paid to overseas entities while in South Korea or spending incurred while on business trips.
With the large increase in overseas spending by South Korean tourists, the country’s deficit in the travel account also widened as the amount spent by foreign visitors to South Korea dwindled.
Final consumption expenditures of non-residents in South Korea slipped 7.4 percent on-year to 14.36 trillion won in 2015, according to the BOK.
South Korea’s deficit in the related account widened from 7.6 trillion won to 11.91 trillion won over the cited period.
(Yonhap)
