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S. Korea Posts Record Tourism Deficit in January

Written: 2018-03-06 09:41:11Updated: 2018-03-06 11:15:01

S. Korea Posts Record Tourism Deficit in January

South Korea posted a record deficit in its tourism account in January due to a surge in the number of South Koreans traveling abroad during winter vacations.

According to preliminary data from the Bank of Korea on Tuesday, the country's service account posted a deficit of four-point-49 billion dollars in January, setting a fresh record. 

In particular, the country's tourism deficit hit a record two-point-16 billion dollars, as tourism revenue spent by foreigners in South Korea marked one-point-09 billion dollars, while South Koreans spent a record three-point-24 billion dollars abroad. 

The deficit is attributed to a record on-year increase of 22-point-four percent in the number of Koreans traveling abroad and a 46 percent decrease of Chinese tourists visiting South Korea. 

The country's current account surplus reached two-point-68 billion dollars in January, posting a surplus for the 71st consecutive month since March 2012. 

The goods account surplus came to eight-point-11 billion dollars.

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