Overseas Card Spending Drops in Q2

  • Arirang News

    August 22, 2018 09:53

    Koreans swiped their plastic less overseas in the second quarter of this year, the first drop in six quarters.

    Data released Tuesday by the Bank of Korea shows Koreans spent a combined US$4.7 billion overseas on their credit and debit cards, eight percent lower than the first quarter, when the figures hit an all-time high of more than $5 billion.

    The central bank attributed the decline to the number of outbound travelers falling to fewer than 6.9 million in the second quarter, a drop of more than seven percent.

    In contrast, card spending by foreigners here increased nearly 15 percent to around $2.4 billion during the same period, mainly due to the rising number of tourists from China and Southeast Asia.

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