Koreans' card spending overseas drops in first quarter
Published: 29 May. 2024, 18:48
Updated: 29 May. 2024, 18:52
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- SARAH CHEA
- [email protected]
Koreans' overseas card spending fell slightly in the first three months of the year from the preceding quarter due to a drop in overseas direct purchases, central bank data showed Wednesday.
The amount of money spent overseas with cards, including credit and debit cards, came to $5.18 billion in the January-March period, compared to $5.19 billion three months earlier, according to the data from the Bank of Korea.
The central bank said the overseas card spending decreased as a fall in overseas direct purchases by cards offset an increase in overseas travelers' spending.
The number of outbound travelers stood at 7.42 million in the first quarter, up sharply from 6.52 million the previous quarter, industry data showed.
Overseas direct purchases via credit cards stood at $1.24 billion in the first quarter of this year, down from $1.49 billion three months earlier, according to the data.
Last year, overseas spending through credit cards by Koreans jumped 32 percent on the back of increased overseas travel and more direct purchases.
Yonhap
Yonhap
with the Korea JoongAng Daily
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