Seoul: South Korea's tourism balance has reached a record surplus since the onset of the COVID-19 pandemic, largely attributed to the rising global appeal of the country's pop culture, as indicated by industry data.
According to Emirates News Agency, the Korea Tourism Organisation reported that the country's travel account recorded a surplus of US$596.6 million in June. This marks a significant shift from the deficit of $846.8 million observed in the same month last year. The June surplus is the second highest since October 2008, when South Korea saw a surplus of $661.5 million in the tourism sector.
The tourism balance in South Korea had been in the red for 72 consecutive months starting in March 2020, coinciding with the spread of the pandemic. However, the trend reversed in March of this year, and the country has continued to maintain a surplus since then, as noted by Yonhap News Agency through the agency's figures.
In June, the total revenue from the tourism sector amounted to $2.78 billion. The data further revealed that each foreign tourist spent an average of $1,397, contributing to the positive balance.