Published : Nov. 18, 2016 - 11:06
Overseas card spending by South Koreans rose 9 percent in the third quarter from a quarter earlier, helped by increased outbound travelers, the central bank said Friday.
In the July-September period, overseas card spending amounted to $3.78 billion, compared with $3.47 billion in the previous quarter, according to the Bank of Korea . From a year earlier, the Q3 tally marked a 14.6 percent hike.
Overseas card spending includes purchases made with debit and direct payment cards, in addition to credit cards.
The on-quarter hike was driven by a rise in the number of people going overseas, especially during Chuseok, the Korean equivalent of Thanksgiving Day, in September.
The BOK said 6.05 million South Koreans went abroad in the third quarter, up 19.4 percent from three months earlier.
The average amount spent with each card also rose 6.1 percent on-quarter to $320, the BOK said.
Meanwhile, card spending by foreign visitors in South Korea increased, though each visitor spent less.
The amount of card spending by non-residents in the country came to $2.74 billion in the third quarter, up 36.8 percent from a year earlier, according to the central bank.
The number of foreign issued cards used in South Korea jumped 79.4 percent on-year to more than 14.4 million, but the average amount spent on each card plunged 23.7 percent on-year to $189. (Yonhap)