Recent data shows that the national balance on tourism continues to run in the red.

According to Bank of Korea data on Thursday, the nation's tourism account balance between January and July this year was estimated at a deficit of two-point-nine billion dollars. The tourism account tallies regular travel by South Koreans including business trips but excludes going abroad to study or for training.

However, the deficit amount dropped 14 percent from the three-point-four billion-dollar deficit posted during the same period last year. The smaller deficit is believed to be due to a rise in the number of foreign visitors to South Korea, which had plunged amid the outbreak of Middle East Respiratory Syndrome(MERS) last year.

On a monthly basis, the tourism account balance has continued in the red for 20 straight months since posting its last surplus of 284 million dollars in November 2014.

The high deficit in tourism is attributed to an overseas travel boom. The Korea Tourism Organization says 12-point-seven million South Koreans went abroad during the first seven months of this year, up 17-and-a-half percent from the same period last year.