Korea's deficit in the tourism sector is expected to hit a record high level this year, due largely to a drop in Chinese visitors following a diplomatic row between Seoul and Beijing over a U.S. missile defense system here and a rise in outbound travelers, data showed Sunday.
The country's tourism-related deficit in the first 10 months of the year came to $11.15 billion, according to the data provided by the Korea Tourism Organization (KTO). The tally may top $13 billion for the whole of the year, it forecast earlier.
The imbalance in the tourism account is largely attributable to the Chinese government's ban on selling Korea-bound tour programs, which took effect in mid-March, among a string of other retaliatory measures put forward by Beijing against South Korean companies and their products over the deployment of the Terminal High Altitude Area Defense (THAAD) system in the country.