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

South Korea's tourism balance swung back into a deficit in July after four months of surplus, according to industry data released on Sunday. The balance showed a deficit of US$50.3 million in July, reversing a surplus of $596.6 million in June, reported Yonhap News. Total tourism spending by South Koreans overseas reached $2.67 billion in July, surpassing the $2.62 billion spent by foreign visitors in the country.

The tourism balance had remained in the red for 72 consecutive months since March 2020, when the COVID-19 pandemic disrupted international travel. It returned to a surplus in March this year and stayed in the black through June before slipping back into a deficit in July. Market watchers attributed the earlier surge in the tourism balance to a series of major K-pop events by supergroup BTS, which attracted foreign visitors to South Korea.

Brief written by urgent.news from Yonhap News's own syndicated text. Machine-written — may contain errors; check the original before relying on it.