overseas card spending-Q1 tally

overseas card spending-Q1 tally

Overseas card spending rises 15 pct in Q1 on eased virus curbs

SEOUL, May 31 (Yonhap) -- South Koreans' overseas card spending gained nearly 15 percent in the first quarter of the year on the back of eased COVID-19 curbs and increased direct purchases, central bank data showed Wednesday.

The amount of money spent overseas by South Koreans with cards, including credit and debit cards, came to US$4.6 billion last year, compared with $4 billion three months earlier, according to the data from the Bank of Korea (BOK).

From a year earlier, their overseas spending jumped 50.3 percent.

The BOK said the overseas card spending grew as more people went abroad on the back of eased coronavirus restrictions and Koreans' overseas purchases increased on the strengthening Korean won.

The number of outbound travelers stood at 4.97 million in the January-March period, surging 55.2 percent from the previous quarter, industry data showed.

The local currency averaged at 1,275.6 won to the U.S. dollar in the first quarter, compared with 1,359.3 to the greenback the previous quarter.

South Koreans' overseas card spending swelled almost 19 percent last year on the back of eased virus curbs to $14.54 billion, a sharp rise from $12.23 billion the previous year.


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