Travel-related account hits largest deficit in 6 yrs in H1

SEOUL: Korea's travel-related account recorded its largest deficit in six years during the first half of this year, driven by a surge in overseas travel, data showed. The country posted a travel account deficit of $6.48 billion for the first six months of this year, the highest since 2018, when it reached $7.83 billion, Yonhap news agency reported, citing data from the Bank of Korea and the Korea Tourism Organisation. The deficit came as Korean nationals spent $14.3 billion on overseas travel from January to June, far outpacing the $7.84 billion spent by foreign visitors in Korea. This half-year travel account deficit had decreased to $2.9 billion in 2019 and remained relatively low at $3.5 billion in 2021 and 2022 during the COVID-19 pandemic. However, it rebounded to $5.8 billion in 2023 as virus-related restrictions were eased. In the first half of this year, 14.02 million Koreans traveled abroad, while 7.7 million foreigners visited Korea. Source: Emirates News Agency