SEJONG, June 23 (Korea Bizwire) – South Korea’s deficit in the tourism balance with European Union countries rose 36 percent in 2017 from a year earlier, central bank data showed Saturday, as a growing number of South Korean travelers visited European countries.
South Korea’s tourism deficit with the EU came to US$5.46 billion in 2017, compared with $4.03 billion from a year earlier, according to the data compiled by the Bank of Korea.
The hike in the tourism deficit came as eastern and northern European countries have emerged as attractive tourism destinations for South Koreans travelers in addition to Western Europe.
Meanwhile, South Korea’s tourism deficit with the United States stood at $5.2 billion.
South Korea’s tourism deficit with the EU and the U.S. came to $10.6 billion, accounting for 62.2 percent of Seoul’s total tourism deficit of $17.17 billion last year, the BOK said.