S. Korea's tourism balance hits record surplus since pandemic: data

South Korea's tourism balance reached a record surplus since the COVID-19 pandemic, according to data released on August 9. The country's travel account was in the black by $596.6 million in June, marking a significant improvement from the $846.8 million deficit in the same month a year earlier, as reported by the Korea Tourism Organization.

June's figure is the second highest since October 2008, when the tourism sector recorded a surplus of $661.5 million. South Korea had experienced 72 consecutive months of negative tourism balance since March 2020, but it turned positive in March of this year and has remained in surplus since then, the agency revealed. The total revenue generated from the tourism sector in June amounted to $2.78 billion, with each foreign tourist spending an average of $1,397 per person.

This surge in tourism can be attributed to South Korea's international image reaching an all-time high in various fields, including K-pop, popular culture, and cuisine, as stated by Professor Kim Nam-jo of Hanyang University. Professor Kim suggested that the government should shift its focus from major cities like Seoul and Busan to smaller cities in rural areas to maintain the travel account surplus in the long term.