In the first quarter of this year, domestic residents' overseas card spending exceeded $6 billion for the second consecutive quarter.
According to the Bank of Korea's report on "Overseas Card Usage by Residents in the First Quarter," the total amount spent by domestic residents on overseas cards (credit, debit, and prepaid) was $6.1 billion. This figure is similar to the previous quarter's $6.11 billion but represents a 14.2% increase compared to the same period last year.
A Bank of Korea official stated, "While the number of departing residents has increased, the decline in overseas direct purchases through online shopping has kept spending levels stable compared to the previous quarter."
The amount spent on overseas direct purchases through online shopping decreased from $1.55 billion in the fourth quarter of last year to $1.35 billion in the first quarter of this year. In contrast, the number of domestic residents traveling abroad rose from 7.89 million in the fourth quarter of last year to 8.33 million in the first quarter of this year.
By card type, credit card spending amounted to $4.1 billion, a 1.3% decrease from the previous quarter, while debit card spending increased by 2.4% to $200.3 million.
The spending by non-residents using cards in South Korea was $3.57 billion, down 5.4% from the previous fourth quarter but up 30.2% compared to the same period last year. The number of foreign tourists visiting South Korea in the first quarter reached 4.76 million, the highest on record for that period, although their spending decreased.
* This article has been translated by AI.
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