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Korea's travel account last month shifted into the black for the first time in over seven years, mostly because fewer Koreans could afford to travel abroad as opposed to the rosier scenario of many more people coming to Korea.
According to the Bank of Korea, the weak won has significantly lowered travel out of Korea, causing the travel account to recover from its streak of deficits.
The Korea Tourism Organization says the number of Koreans heading overseas in October dropped roughly 10 percent compared to last year. The number of visitors to Korea in September, the most recent month for which figures were available, rose more than 5 percent from the year before.
Domestic travel revenue came to US$1.2 billion last month, twice more than what it was in the same period last year. But overseas travel expenditures dropped to $830 million in October, resulting in a surplus of $370 million.
Officials from the Bank of Korea say if the latest trend is an indication of what is to come, this could be a major turning point in the country's travel account.
Arirang News
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