Koreans’ overseas credit card spending climbed to a record high in 2011 as solid economic growth and the local currency’s ascent increased the number of outbound travelers, the central bank said Wednesday.
Overseas credit card bills totaled $8.62 billion last year, up 18.5 percent from $7.27 billion the previous year, according to the Bank of Korea.
Last year, the South Korean economy grew 3.6 percent on-year, but its growth slowed from the 6.1 percent gain the previous year.
The Korean currency traded at 1,108 won to the U.S. dollar on average last year, compared with 1,156 won in 2010.
Meanwhile, non-residents’ credit card spending in Asia’s fourth-largest economy jumped 30.4 percent on-year to $3.92 billion last year, as inbound travelers increased sharply, according to the central bank.
