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Koreans' abroad spending soars considerably in 2015
(MENAFN) Foreign consumption by South Korean residents soared to a new high through the previous year, mainly on a large increase in the number of people going abroad, based on reports.
Based to preliminary data from the Bank of Korea (BOK), the overseas consumption expenditures of South Koreans have touched USD22.74bn last year, reflecting a 13.7pct jump from 2014.
Additionally, the number of people traveling overseas increased 20.1 percent on-year to 19.31 million throughout the previous year, according to the state-run Korea Tourism Organization.
Moreover, with the large growth in overseas spending by Korean tourists, the nation's deficit in the travel account also widened as the amount spent by foreign visitors to South Korea decreased.
Based to preliminary data from the Bank of Korea (BOK), the overseas consumption expenditures of South Koreans have touched USD22.74bn last year, reflecting a 13.7pct jump from 2014.
Additionally, the number of people traveling overseas increased 20.1 percent on-year to 19.31 million throughout the previous year, according to the state-run Korea Tourism Organization.
Moreover, with the large growth in overseas spending by Korean tourists, the nation's deficit in the travel account also widened as the amount spent by foreign visitors to South Korea decreased.
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