South Korea’s Tourism Industry Trade Deficit Falls to 11-Month Low Thanks to Chinese Visitors

South Korea’s Tourism Industry Trade Deficit Falls to 11-Month Low Thanks to Chinese Visitors

Xu Wei

Date: Fri, 05/04/2018 - 22:03 / source:Yicai
South Korea’s Tourism Industry Trade Deficit Falls to 11-Month Low Thanks to Chinese Visitors
South Korea’s Tourism Industry Trade Deficit Falls to 11-Month Low Thanks to Chinese Visitors

(Yicai Global) May 4 – South Korea’s tourism industry trade deficit dropped to a new record low on returning Chinese tourists, show data released by the Bank of Korea, BOK.

South Korea’s trade deficit in the tourism sector hit a 11-month low thanks to visitors from China, state-run Yonhap News Agency reported, citing the Bank of Korea statistics. The country’s tourism trade deficit in March was USD1.31 billion, the lowest since April 2017.

The number of Chinese tourists was 403,000 in March, up 11.8 percent from a year earlier. The number of foreign tourists visiting South Korea jumped 10.7 percent to 1.36 million in March year-on-year.

South Korea’s current account surplus in international trade in March reached USD5.18 billion, marking the 73th surplus month in a row since March 2015, data from the Bank of Korea showed.

Editor: Mevlut Katik

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Keywords: South Korea, TOURISM