Koreans' overseas card spending hits record high in Q2

Overseas card spending by South Koreans hit a record high in the second quarter despite a decline in the number of people going overseas, the central bank said Thursday.

In the April-June period, overseas card spending amounted to $4.18 billion, up 20.6 percent from a year earlier, according to the Bank of Korea. From a quarter earlier, the Q2 tally marked a 4-percent increase.

Overseas card spending includes purchases made with debit and direct payment cards, in addition to credit cards.

The hike came despite a decline in the number of South Koreans going abroad.

Government data showed that 6.11 million South Koreans traveled to foreign countries in the second quarter, down from 6.51 million from January through March. The data also showed that 5.07 million South Koreans traveled to foreign countries in the second quarter last year.

The average amount spent with each card in foreign countries came to $320 in the second quarter, up from $304 a quarter earlier, the BOK said.

Meanwhile, card spending by foreign visitors in South Korea came to $1.87 billion in the second quarter, down 23.6 percent from a quarter earlier, official data showed. (Yonhap)