People queue at the check-in counter at Incheon International Airport’s Terminal 1 to board flights out of the country on January 5. Yonhap
Tourism in Korea has hit a new low, with the number of domestic outbound travelers outpacing the number of incoming foreign visitors in recent months, according to industry observers.
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The downturn in the country’s tourism industry, posting its biggest economic deficit in five years, is partly due to a growing trend among Koreans to cut back on many items such as food and clothing to pay for overseas trips.
According to the Bank of Korea’s balance of payments report for November last year, the deficit in the country’s tourism sector was $1.28 billion, double the previous month. This figure is also the lowest since November 2018, when the balance sheet dropped to minus $1.35 billion.
Following the report’s release, the Bank of Korea said the number of foreign tourist arrivals from Southeast Asia and China fell while the number of local Koreans traveling abroad increased.
“Koreans’ travel abroad has contributed to increased spending outside the country, while the country faces a decline in foreign currency spending at home due to a decline in the number of tourists from abroad,” – said the bank representative.
There were more than 193,000 people at Incheon International Airport over the weekend, reportedly representing nearly 99 percent of the 2019 volume before the COVID-19 pandemic.
The travel rush is especially noticeable on online trading platforms selling travel packages. Overseas travel purchase rates have reached 92 percent compared to pre-pandemic levels, industry officials said.
Observers said outbound travelers were mainly heading to Japan and Southeast Asia. Last year, sales of low-cost airlines offering routes to these regions amounted to more than 1 trillion won ($758 million).
The reasons for Koreans’ growing interest in foreign travel are ambiguous. One of them, paradoxically, is the economic recession in the country, caused mainly by high interest rates and soaring market prices. Due to economic conditions that prevent people from spending money, those who have the desire to engage in economic activities are blowing off steam by going abroad.
“It looks like tourism demand, which has subsided due to economic conditions, has found a release point.”said one industry observer.
The cheap yen has also contributed to more Koreans choosing Japan as a tourist destination.
fengshan © YesAsia.ru
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2024-01-12 17:11:21
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