SEOUL, Feb. 21 (Korea Bizwire) — Overseas credit-card spending by South Koreans moved up 19.7 percent on-year in 2017 due to a rise in the number of people going overseas, the central bank said Wednesday.
Last year, overseas credit-card spending amounted to US$17.11 billion, compared with $14.3 billion in 2016, according to the Bank of Korea (BOK).
Overseas credit-card spending includes purchases made with debit and direct payment cards, in addition to credit cards.
The hike came as the number of South Koreans going abroad increased.
Government data showed that 26.5 million South Koreans traveled to foreign countries last year, up 18.4 percent from a year earlier.
The average amount spent with each card in foreign countries came to $312 last year, up from $305 in 2016, the BOK said.