Q2 Overseas Card Spending Reaches $5.85 Billion... Decreased Usage Amid Declining Travel
Bank of Korea Reports Overseas Card Spending by Residents in Q2
20.4% Drop in Outbound Korean Travelers in the Second Quarter
This year, in the second quarter, the amount spent overseas using cards reached 5.85 billion US dollars.
According to the Bank of Korea on September 2, in the second quarter of this year, residents' overseas card spending (credit + debit) amounted to 5.85 billion US dollars, down 4.2% compared to the previous quarter (6.1 billion US dollars).
Despite an increase in overseas direct online purchases, the number of outbound Korean travelers fell, leading to reduced travel-related spending and thus a decrease in total overseas card usage. Overseas direct online purchase volume rose from 1.35 billion US dollars in the first quarter to 1.41 billion US dollars in the second quarter, a 60 million US dollar (4.3%) increase.
On the other hand, according to the Korea Culture & Tourism Institute’s Tourism Knowledge Information System, the number of outbound Koreans steadily increased from 7,093,000 in the third quarter, to 7,893,000 in the fourth quarter, and to 8,331,000 in the first quarter of this year, before sharply dropping by 20.4% to 6,631,000 in the second quarter.
By card type, overseas credit card spending was 4.075 billion US dollars, down 0.6% from the previous quarter (4.1 billion US dollars), while overseas debit card spending was 1.773 billion US dollars, down 11.5% from the previous quarter (2.03 billion US dollars).
Hot Picks Today
!["Please Teach Us the Technology"—Korea Once Sought Help from Japan... Now Threatens the Origin Country After 65 Years [Advance of K-Ramen]①](https://cwcontent.asiae.co.kr/asiaresize/93/2024110818333992902_1731058419.jpg)
"Please Teach Us the Technology"—Korea Once Sought Help from Japan... Now Threatens the Origin Country After 65 Years [Advance of K-Ramen]①
- "Spend on Private Tutoring Instead of Having Another Child? Radical Proposal Calls for Tax on Private Education"
- No More Worries About "Did My Child Get Off Safely?"... Hyundai's Safe School Bus Solution
- "Just Pay 8,500 Won to Find a Girlfriend"…Japanese Local Governments Pour 1 Billion Won into Matchmaking Events
- "It's Hard to Succeed With Ordinary Credentials"... U.S. Parents Sending Children on 100 Million Won Around-the-World Programs
Meanwhile, during the second quarter, non-residents’ domestic card spending was 4.86 billion US dollars, up 36.1% from the previous quarter (3.57 billion US dollars), marking a new all-time high in a single year. The previous record was 3.79 billion US dollars in the second quarter of last year.
On the 31st, ahead of the New Year's bridging holiday, Incheon International Airport Terminal 1 is bustling with travelers. 2025.12.31 Photo by Jin-Hyung Kang
View original image© The Asia Business Daily. All rights reserved. Unauthorized AI training and use prohibited.
