Chinese Tourists Generate W13 Trillion a Year for Korea

      August 18, 2014 10:23

      A tourist leaves an exchange office near the Chinese Embassy in Seoul on Sunday. /Newsis

      Chinese tourists generate worth more than W13 trillion a year for Korea, according to a study (US$1=W1,022).

      The Korea Institute for Industrial Economics and Trade said Friday that 4.32 million Chinese tourists visited Korea last year and created an economic impact worth W13.37 trillion. That marks a 140 percent increase from 2010, when it was estimated at W5.58 trillion.

      The number of Chinese visitors more than doubled over the three year period, and they now spend an average of US$2,272, compared to $1,470 for American tourists and $990 for Japanese.

      Chinese visitors mostly buy perfume and cosmetics, followed by clothes, food, shoes, ginseng and oriental medicine.

      Park Moon-soo at the institute said, "We need to develop more characteristic Korean products to meet the increase in the number of Chinese tourists."

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