Korea is expected to post its first annual tourism surplus since 2000, thanks to a surge in foreign tourists. The culture ministry reported that the number of inbound foreigners shot up 23 percent on-year to over 5.3 million in the first half of 2012.

The boost in spending by overseas travelers put a considerable dent in the nation's tourism deficit, dropping it from US$1.9 billion in the first half of last year to just $140 million.

The ministry said Korea should post its first annual tourism surplus since 2000 if the trend holds, with the total number of visitors making their way to Korea surpassing 11 million.