Seoul: South Koreans' overseas card spending saw a drop of more than 5 percent in the first quarter compared to the previous three months. This decline is attributed primarily to a decrease in overseas direct purchases, as indicated by recent data.
According to Yonhap News Agency, the Bank of Korea (BOK) reported that the total amount spent by South Koreans using credit and debit cards overseas amounted to US$5.35 billion during the January-March period. This figure represents a 5.2 percent decline from the preceding quarter's $5.64 billion.
The decrease in spending was largely driven by a 15.3 percent reduction in overseas direct purchases via credit cards, which fell to $1.35 billion. A BOK official noted that direct purchases from overseas typically increase in the fourth quarter due to major discount events such as Black Friday, suggesting that the first-quarter decline was primarily due to seasonal factors.
Despite the reduction in card spending, the number of outbound travelers increased by 4.1 percent on a quarterly basis, reaching 7.79 million in the first quarter. Compared to the same period last year, overseas card spending actually rose by 3.1 percent, according to the data.