Travel Deficit Down Slightly Due to Influx During Winter Olympics

  • By Yang Mo-deum

    April 06, 2018 11:13

    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.

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