Koreans' overseas card spending hits record high last year

Overseas card spending by South Koreans hit a record high last year due to increased outbound travelers, the central bank said Tuesday.

Overseas card spending amounted to $14.3 billion in 2016, up 7.8 percent from $13.26 billion in 2015, according to the Bank of Korea.

Overseas card spending includes purchases made with debit and direct payment cards, in addition to credit cards.

The hike was driven by a rise in the number of South Koreans going overseas last year.

Official data showed that 22.38 million South Koreans went abroad last year, up 15.9 percent from a year earlier.

Still, the amount spent with each card fell 11.7 percent on-year to $305, the BOK said.

Meanwhile, card spending by foreign visitors in South Korea increased, though each visitor spent less.

The amount of card spending by non-residents in South Korea came to $10.7 billion last year, up 6.6 percent from a year earlier, according to the central bank.

The number of foreign issued cards used in South Korea jumped 33.8 percent on-year to more than 54 million, but the amount spent on each card plunged 20.4 percent on-year to $198. (Yonhap)

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