Bank of Korea Q2 resident card overseas spending report
Non-residents' domestic card use reaches $4.86 billion, up 36.1% quarter-on-quarter
Foreigners' card spending in South Korea hit an all-time high in the second quarter, driven by a surge in inbound visitors.
Non-residents' domestic card spending totaled $4.86 billion in the second quarter, up 36.1% from the previous quarter's $3.57 billion, according to the Bank of Korea's Q2 resident card overseas spending report released Wednesday.
The figure also surpassed the previous record of $3.79 billion set in the second quarter of last year, a 28.2% increase.
The number of cards used by non-residents domestically rose 34.3% quarter-on-quarter to 25.02 million, while spending per card edged up 1 percent to $194.
The Bank of Korea attributed the growth to stronger tourism demand during Japanese and Chinese holiday periods in the second quarter, which drove a rise in arrivals. The number of cards used by non-residents also set a quarterly record, it added.
South Korean residents' overseas card spending — covering both credit and debit cards — fell 4.2% quarter-on-quarter to $5.85 billion, from $6.1 billion in the first quarter.
Spending per card also declined 0.9% from the previous quarter to $322 — the first such quarter-on-quarter drop in six quarters.
Credit card spending fell 0.6% to $4.08 billion, while debit card spending dropped 11.5% to $1.77 billion.
The Bank of Korea said travel-related spending contracted as fewer Korean nationals departed the country, even as overseas direct online shopping purchases increased in the second quarter.
The number of Korean nationals who traveled abroad during the period fell 20.4% quarter-on-quarter to about 6.631 million, from 8.331 million in the first quarter. Overseas direct online shopping reached $1.41 billion, up 4.3% over the same period.
kimstar@heraldcorp.com
