South Korea's tourism balance hits record surplus since pandemic

Key facts

• South Korea's tourism balance reached a surplus of $596.6 million in June.
• This is the highest surplus since the COVID-19 pandemic.
• The June figure is the second highest since October 2008.
• The country's travel account had been in deficit for 72 consecutive months prior to March of the current year.
• Total tourism revenue in June was $2.78 billion.
• Foreign tourists spent an average of $1,397 per person in June.

South Korea's tourism balance achieved a record surplus since the COVID-19 pandemic in June, reaching $596.6 million. This marks a significant turnaround from a deficit of $846.8 million in the same month last year and is the second-highest surplus recorded since October 2008. The country's travel account had previously been in deficit for 72 consecutive months, but swung to a surplus in March and has maintained it since. The surge is attributed to the growing global popularity of South Korean culture, including K-pop, cuisine, and other cultural exports. Total tourism revenue in June amounted to $2.78 billion, with each foreign tourist spending an average of $1,397. Experts suggest shifting tourism policy focus to smaller cities to sustain this surplus long-term.