Card spending overseas jumps 19 percent in 2021

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Card spending overseas jumps 19 percent in 2021

Overseas card spending grew nearly 19 percent in 2021 amid a strong local currency against the dollar, central bank data showed Tuesday.
The amount of money spent overseas by Koreans with cards, including credit and debit cards, came to $12.23 billion last year, up 18.6 percent from a year earlier, according to the data from the Bank of Korea.
The 2021 tally represents a sharp turnaround from a 46.1 percent on-year tumble recorded a year earlier.
Last year's surge was attributed mainly to a jump in direct purchases from overseas online malls on the local currency's strength against the dollar, despite a drop in the number of overseas travelers.
Overseas online direct buying shot up nearly 30 percent on-year to $4.49 billion last year.
The number of outbound travelers tumbled 71.4 percent on-year to 122,000 last year in the wake of the coronavirus pandemic, according to the central bank.
Last year, the local currency changed hands at a daily average of 1,144.40 won to the U.S. dollar, up 3 percent from a year earlier.

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