Travel Deficit Down Slightly Due to Influx During Winter Olympics

Korea's trade deficit in the tourism sector decreased to the lowest in five months in February, due to a sharp rise in the number of foreign tourists during the Winter Olympics in Pyeongchang.

According to a report released by the Bank of Korea on Thursday, the tourism deficit stood at US$1.41 billion in February from $21.6 billion in the previous month. This is the lowest level since September last year when it stood at $1.31 billion.

The number of visitors from the U.S. and Europe increased by 25.3 percent and 22.3 percent on-year, while the number of outbound travelers edged up just 3.6 percent.

Meanwhile, Korea posted a current account surplus for the 72nd consecutive month, totaling $4.03 billion.