Travel deficit widens as Koreans travel overseas in droves

04-06-23

South Korea’s travel trade balance deficit widened to a three-year high in the first quarter of 2023, as the number of Koreans departing for overseas travel surged amid eased COVID-19 restrictions.

According to numbers from the Bank of Korea on Tuesday, the country’s travel trade balance marked a $3.23 billion deficit in the first three months of the year, with travel revenue coming in at $3.08 billion and expenditure at $6.32 billion.

The figure hit its highest level since it stood at $3.28 billion in the third quarter of 2019. For the first quarter of any year, it was the largest deficit in five years since the $5.31 billion deficit recorded in 2018.