Aug. 9 (Yonhap) — South Korea’s tourism balance hit a record surplus since the COVID-19 pandemic period, thanks to the popularity of the country’s pop culture, industry data showed Sunday
The country’s travel account was in the black by US$596.6 million in June, marking a dramatic turnaround from the same month a year earlier when the deficit stood at $846.8 million, according to the data from the Korea Tourism Organization.
The June figure is the second highest since October 2008, when the country recorded a surplus of $661.5 million from the tourism sector.
South Korea’s tourism balance had continued to remain in the red for 72 consecutive months since March 2020, during the spread of the pandemic, but swung to the black in March this year and continued to post a surplus, the agency said.
Total revenue generated from the tourism sector in June was $2.78 billion, with each foreign tourist spending an average of $1,397 per person, the data also showed.
“This is due to South Korea’s international image reaching an all-time high across various fields — from K-pop to our popular culture and cuisine,” said professor Kim Nam-jo of Hanyang University.
The expert recommended the government shift its tourism policy focus from major cities, such as Seoul and Busan, to other smaller cities in rural areas, in order for the country to maintain a travel account surplus in the long term.
