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S. Koreans' overseas spending hits record high in 2016

All News 13:20 April 02, 2017

SEOUL, April 2 (Yonhap) -- South Koreans spent a record high overseas last year as more people opted to go on overseas trips, data from the central bank showed Sunday.

According to the data compiled by the Bank of Korea (BOK), South Koreans spent 28.93 trillion won (US$25.9 billion) overseas last year, up 8.3 percent, or 2.23 trillion won, from the previous year.

The 2016 tally marks the highest since the central bank began to compile related data in 1970.

South Koreans' overseas spending has been on a sharp rise, reaching 26.7 trillion won in 2015, 23.1 trillion won in 2014, 22.76 trillion won in 2013 and 21.89 trillion won in 2012, the data showed.

The data also showed that South Koreans' per-person overseas spending is estimated at some 567,000 won last year.

The sharp rise in overseas spending is attributable to a whopping increase in overseas trips.

A total of 22.38 million South Koreans flew overseas last year, up 15.9 percent from 2015, according to industry sources.

Meanwhile, non-residents spent a total of 16.5 trillion won in South Korea last year, up 16 percent from a year earlier.

Last year, a total of 17.24 million foreigners visited the country, up 30.3 percent on-year, the sources said.

S. Koreans' overseas spending hits record high in 2016 - 1


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