S. Korea’s travel account posts surplus for 3rd consecutive month in May

South Korea’s travel account posted a surplus for the third consecutive month in May, driven by an increase in foreign visitors, government data showed Sunday, according to Yonhap News Agency.

The travel account recorded a surplus of $220.5 million in May, compared with a deficit of $820.2 million a year earlier, according to data from the Korea Tourism Organisation.

It marked the third consecutive monthly surplus since March, when the account recorded a surplus of $263.8 million, snapping a 72-month streak of deficits that began in March 2020.

Travel income totaled $2.58 billion in May, exceeding travel spending of $2.36 billion.

On average, each foreign visitor spent $1,324 in Korea, while each Korean traveler spent $1,007 overseas.

Separate government data showed that 1.95 million foreign visitors arrived in Korea in May, up 19.4% from a year earlier, while the number of Koreans traveling abroad fell 2.1 percent from a year earlier to 2.34 million.

“Foreign visitor numbers have risen sharply in recent months, driven by the growing popularity of the Korean Wave and the weakening won,” said Kim Nam-jo, a professor of tourism at Hanyang University. “At the same time, higher airfares stemming from the Middle East conflict have discouraged Koreans from traveling abroad.”