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Sharjah24
South Korea Posts Third Consecutive Tourism Surplus
South Korea recorded a tourism account surplus for the third consecutive month in May, amounting to $220.5 million, supported by increased numbers of foreign tourists, which reached 1.95 million—a 19.4% increase compared to the previous year—due to the popularity of Korean culture and the depreciation of the won. Meanwhile, the number of Koreans traveling abroad decreased by 2.1%, reaching 2.34 million, attributed to the weakness of the local currency and rising airline ticket prices caused by conflicts in the Middle East. The total tourism revenue amounted to $2.58 billion, with expenditure exceeding income, as the average foreign tourist spending was $1,324 per visitor. These figures come after a series of 72 months of deficit that began in March 2020, reflecting the recovery of the country's tourism sector.
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