Overseas Card Spending Drops in Q2

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.