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South Korea’s tourism revenue totaled USD 13.3237 billion last year, down 22.5% from a year earlier. During the same period, its tourism expenditure rose 14.3% to USD 27.0729 billion. As a result, the tourism account deficit reached USD 13.7492 billion, up 111.9% from a year ago. The country’s tourism account deficit continued for 17 years in a row. In 2017, 13,335,758 foreigners visited South Korea, down 22.7% from a year earlier. Meanwhile, a total of 26,496,447 South Koreans went abroad during the period, up 18.4%
According to the Korea Tourism Organization, a decrease in the number of inbound Chinese tourists led the 22.7% decline. Specifically, the number, 4,169,353, fell 48.3% compared to the previous year. From March to December 2016, the number had been close to seven million. However, it was slightly over three million from March to December 2017, when the Chinese government’s ban on group tours to South Korea was in effect. Read Original Article |
