Korean overseas card spending near 3-year high on resurgence in travel
Mi-Hyun Jo
Nov 29, 2022 (Gmt+09:00)
Overseas card spending by residents in South Korea rose to a nearly three-year high in the third quarter as international travel surged with countries worldwide opening up their borders amid the waning COVID-19.
The amount spent overseas by residents with cards, including credit and debit cards, totaled $3.8 billion in the July-September period, the largest since the fourth quarter of 2019, central bank data showed on Tuesday. The latest spending was up 32.6% from a year earlier and 4.1% from the previous three months.
“Locals who departed the country increased as countries worldwide eased their entry restrictions related to COVID-19,” said the Bank of Korea in a statement.