The rise of tourism revenue was largely due to the inflow of Chinese visitors. (image: Kobizmedia/Korea Bizwire)
SEOUL, Sept. 2 (Korea Bizwire) – Thanks to the fast-rising Chinese tourists in Korea, the credit card spending by foreigners in the second quarter has hit a record-high level. According to the Bank of Korea on August 29, the total amount of credit card spending made by foreign visitors to Korea was US$2.91 billion during the April-June period, up 31.2 percent from the previous quarter.
During the month of July, the tourism revenue was also at a record-high level. According to the Bank of Korea and the Korea Culture & Tourism Institute on the same day, the revenue was $1,615.9 million, up 34.0 percent from the same month last year when the comparable figure was $1,206.3 million.
The rise of tourism revenue was largely due to the inflow of Chinese visitors. The number of visitors from China for the seven-month period between January and July was 3,361,654, 45.8 percent higher than the same period a year ago (2,305,188). The figure accounted for 42.1 percent of the total foreign visitors.
Although the spending by Korean nationals overseas has increased to a record level in July, the tourism balance of payments deficit has decreased by a large margin. The deficit for the month was $207.8 million won, only 44.7 percent of $464.7 million recorded in July in 2013.
As late as 2008, the amount of credit card spending made by foreigners in Korea was only 35.5 percent of what Korean nationals spent overseas. But the figure has steadily risen since then to 50.1 percent in 2009, 53.3 percent in 2011, 80.7 percent in 2013, and as high as 97.6 percent in the second quarter of this year. It is expected the credit card spending by foreign visitors will soon outstrip that of Koreans overseas.
By M.H. Lee (mhlee@koreabizwire.com)
