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THE INVESTOR] South Koreans’ overseas car spending increased 9 percent in the third quarter from a quarter earlier, the central bank said on Nov.18.
In the July-September period, overseas card spending amounted to US$3.78 billion, compared with $3.47 billion in the previous quarter, according to the Bank of Korea. From a year earlier, the Q3 tally marked a 14.6 percent hike.
Overseas card spending includes purchases made with debit and direct payment cards, in addition to credit cards.
The on-quarter hike was driven by a rise in the number of people going overseas, especially during Chuseok in September.
The BOK said 6.05 million South Koreans went abroad in the third quarter, up 19.4 percent from three months earlier.
The average amount spent with each card also rose 6.1 percent on-quarter to $320, the BOK said.
(theinvestor@heraldcorp.com)