Key facts
- South Korea's travel account recorded a surplus of $220.5 million in May.
- This is the third consecutive monthly surplus, following a streak of deficits.
- Travel income in May was $2.58 billion, exceeding travel spending of $2.36 billion.
- Foreign visitor arrivals increased by 19.4% year-over-year in May.
- South Korean travelers abroad decreased by 2.1% year-over-year in May.
South Korea's travel account has shown a surplus for three consecutive months, reaching $220.5 million in May. This marks a significant turnaround from a deficit of $820.2 million in May of the previous year and breaks a 72-month streak of deficits that began in March 2020. The positive trend is attributed to a surge in foreign visitors, with 1.95 million arrivals in May, a 19.4% increase year-over-year. This rise is linked to the growing popularity of the 'Korean Wave' and a weakening South Korean won. Conversely, the number of South Koreans traveling abroad decreased by 2.1% to 2.34 million, influenced by higher airfares attributed to the Middle East conflict. Travel income in May totaled $2.58 billion, surpassing travel spending of $2.36 billion. On average, foreign visitors spent $1,324 in South Korea, while South Korean travelers spent $1,007 overseas.