April 26, 2024

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[THE INVESTOR] Korea’s deficit in the travel balance grew large to hit US$1.36 billion in May, more than fivefold from a deficit of US$250 million a year earlier, the Bank of Korea said on July 5.

The fast growth of the deficit was attributed to a rise in overseas travels by Koreans and a fall in the number of Chinese tourists in Korea, amid the recent Beijing-Seoul row over the deployment of a US anti-missile defense system in Korea. 

Meanwhile, the nation’s current account surplus narrowed to US$5.94 billion in May from a year earlier, due to oil price hikes and the larger deficit in the travel balance, the BOK said.

(theinvestor@heraldcorp.com)