S. Korea's Travel Deficit Largest with EU in 2017

Write : 2018-06-23 13:02:21 Update : 2018-06-23 14:13:52

S. Korea's Travel Deficit Largest with EU in 2017

South Korea’s tourism deficit posted a record high last year. 

Europe was announced as the region where it logs the largest deficit, marking the first time in 14 years that the rankings have changed.  

According to Bank of Korea data on Saturday, South Korea's deficit in tourism balance with the European Union rose 36 percent year-on-year in 2017 to some five-point-47 billion dollars, marking the steepest deficit among key travel destinations around the world.

The United States had held the top spot from 2004 to 2016. 

The change in rankings is believed to be due to increased demand as more Koreans traveled to European countries during the long holidays in May and October last year, with eastern and northern also Europe increasing in popularity.
Meanwhile, the number of European visitors to South Korea last year dropped zero-point-seven percent.

South Korea's tourism deficit with the U.S. stood at five-point-two billion dollars last year as America attracts not only travelers but also students going abroad to study. 

The deficit with the EU and the U.S. combined came to ten-point-six billion dollars, accounting for 62 percent of Korea's total tourism deficit.

China and the Middle East were the only regions where Korea saw a surplus in tourism last year. 

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