April 26, 2024

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[THE INVESTOR] Overseas card spending by Koreans declined for the first time in 18 months in the second quarter from three months earlier, central bank data showed on Aug. 21.

In the April-June period, total spending amounted to US$4.67 billion, down 8 percent from an all-time high of US$5.07 billion tallied a quarter earlier, according to the Bank of Korea.

From the previous year, the Q2 tally marked an 11.5-percent jump.

Overseas card spending includes purchases made with debit and direct payment cards, in addition to credit cards.

The on-quarter fall came as the number of Koreans going abroad decreased. It is the first time the overseas card outlay fell on a quarter-to-quarter basis since the fourth quarter of 2016.

Government data showed that 6.89 million Koreans traveled to foreign countries in the second quarter, down 7.3 percent from a record 7.43 million from January through March.

The average amount spent with each card in foreign countries came to US$300 in the second quarter, down from US$334 a quarter earlier, the BOK said.

Meanwhile, card spending by foreign visitors in Korea stood at US$2.37 billion in the second quarter, up 14.6 percent from a quarter earlier, official data showed.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)