Tourism deficit shrinks last year due to weakening won

SEOUL, Jan. 11 (Yonhap) -- South Korea's travel account shortfall narrowed to
US$3.1 billion in 2008 from $10.1 billion the previous year, as the weaker won
led to a steep increase in foreign tourists and a decrease in overseas trips by
Koreans, government data showed Sunday.
The country tallied $9.3 billion in tourism income last year, marking an annual
net increase of $3.5 billion, or 61.3 percent, according to figures released by
the Ministry of Culture, Sports and Tourism.
In contrast, South Koreans' spending on overseas travel dropped 22 percent to
$12.4 billion in the cited period, resulting in a $7 billion decline in the
nation's tourism deficit, according to ministry data.
The numbers are largely attributed to the sharp weakening of the Korean won
against major global currencies, including the U.S. dollar and the Japanese yen.
The won fell 25.7 percent against the greenback last year as overseas investors
cut down exposures to emerging economies amid the global financial turmoil.
The ministry said a total of 6.89 million foreigners visited South Korea last
year, up 6.9 percent from last year, while the number of Koreans traveling
overseas fell from 13 million to 12 million, the first decrease since 2003.
Japanese topped the list of foreign visitors at about 2.38 million, followed by
Chinese (1.17 million) and Americans (610,000), it noted.
pbr@yna.co.kr
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