(MENAFN) South Korea Tourism Organization's data showed that the country's deficit over the past ten years was USD47 billion, a tourism deficit of USD47.16 billion from 2005 to June this year, QNA reported.
The deficit decreased to USD1.26 billion in 2009, as the number of outbound South Korean travelers reduced due to the global financial crisis. But the nation saw an annual deficit of USD3 billion since 2010.
The number of foreign travelers visiting the country grew from 6 million in 2005 to 12 million last year, with tourism revenues up from USD5.8 billion to USD14 billion during the cited period.
However, per capita spending by foreign tourists remained stable, with USD1260 in 2011 and USD1161 in 2013.
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