Koreans' spending on overseas study, travel dip the most in decade

SEOUL, Jan. 5 (Yonhap) -- South Koreans' spending on overseas study and travel in
November declined by the most in a decade due to a weaker won and the slumping
economy, data released by the central bank showed Monday.

Koreans' expenditure on overseas study totaled US$167.7 million in November, down
51.5 percent from a year earlier, according to the Bank of Korea (BOK). It was
the largest on-year fall since January 1998 when such spending declined 61.7
percent from a year ago, it added.
South Koreans have spent large sums of money on their children's studies due to a
zeal for high education. But a number of so-called "goose fathers," or men who
stay in Korea to support families who go abroad for their education, are reeling
from the huge burden of spending on overseas education due to the won's
depreciation.
Hit by the U.S.-sparked global financial crisis, the Korean won plunged 25.7
percent to the dollar last year alone, becoming one of the world's
worst-performing currencies.
The local currency's weakness also discouraged local people from spending their
money on overseas travel, the BOK added.
South Koreans' spending on overseas trips totaled $473.9 million in November,
down 68.1 percent from the previous year. It marked the steepest fall since
January 1998 when such expenditure tumbled 71.6 percent.
A fall in overseas studies and travel helped the country's travel account stay in
the black in November for the second straight month. The country's travel account
surplus reached $422.8 million last month, compared with $495.5 million in
October.
South Korea's travel account balance in October swung into the black for the
first time since April 2001, according to the central bank.
sooyeon@yna.co.kr
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