S. Korea's tourism balance swings to deficit in July after 4 months of surplus

SEOUL, September 27 (Yonhap) - The tourism balance of South Korea turned into a deficit in July, after remaining in surplus for the previous four months, according to data released by the Korea Tourism Organization on Sunday. The July deficit amounted to US$50.3 million, a stark contrast to the surplus of $596.6 million recorded in June, as per the organization's figures.

Notably, total tourism spending by South Korean residents abroad in July reached $2.67 billion, surpassing the $2.62 billion spent by international tourists in South Korea during the same period, as reported by the data. The tourism balance had been in the red for an extended period of 72 consecutive months, starting from March 2020, when the COVID-19 pandemic brought international travel to a halt.

However, a change in direction occurred in March of this year, when the balance shifted to a surplus, and continued to be positive through June before reversing in July. Experts have pointed to a series of major K-pop events organized by the global pop sensation BTS as a key factor behind the improved tourism balance earlier this year, while also emphasizing the need for concerted efforts to create more appealing cultural content to attract a larger number of foreign travelers.