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The Korea Herald
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THE INVESTOR
March 29, 2024

Economy

Koreans traveling more but spending less

  • PUBLISHED :February 20, 2019 - 13:15
  • UPDATED :February 20, 2019 - 13:16
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Koreans traveling overseas spent a record amount last year, but spending per person declined, central bank data showed on Feb. 20.

The current account for last year showed travel expenditures of US$31.97 billion, the highest since recordkeeping began in 2006.

Past figures show increases from US$15 billion in 2009 to US$20 billion in 2012, US$25 billion in 2015 and US$31.69 billion won in 2017.

The increase, however, was the smallest since the global financial crisis of 2009 at 0.9 percent, compared with an 8.3 percent gain in the number of Koreans going on overseas trips.

Spending per person declined to US$1,114 last year from US$1,196 the year before.

Travel industry watchers said changed travel patterns likely led the data shifts. Koreans opted for frequent short-distance trips to Asian countries instead of longer trips to the Americas or Europe, using low-cost carriers, they said.

Incoming travelers spent more than before, an increase of 14.6 percent last year for a total of US$15.32 billion. The gain is close to the 15.1 percent increase in the number of foreigners who visited Korea.

By country, the number of travelers from China rose 14.9 percent, and those from Japan added 27.6 percent. The visitors helped narrow the deficit in the travel index to US$16.65 billion last year from US$18.32 billion the year before.

By Ram Garikipati and newswires (ram@heraldcorp.com)

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