Korean overseas spending double what foreigners spend in Korea

Last year, Koreans spent nearly double overseas compared to the amount foreign consumers spent here in Korea, data showed Sunday.

According to data from Statistics Korea, Korean consumers spent nearly 26.1 trillion won ($22.6 billion) overseas, roughly two times the 13.1 trillion won spent by foreign consumers in Korea.

The figures include both consumer spending overseas and direct purchases from foreign websites. 

The disparity indicates a severe imbalance in consumption levels between inbound and outbound tourists, despite continued efforts to lure high-spending groups from countries like China.

The difference in consumer spending is also growing each quarter, the state-run agency said. Koreans’ consumption abroad has grown steadily since 2014, hitting the 7 trillion-won mark for the first time in 2015’s final quarter. 

Meanwhile, foreign spending here began falling after hitting a high of 4.25 trillion won at the end of 2014, dropping sharply to 2.73 trillion won in mid-2015 when the nation suffered from the Middle East Respiratory Syndrome outbreak.

While Korean overseas consumption increased by over 3 trillion won between 2014 and 2015 representing a 13.2 percent rise, domestic consumption rose by just 1.6 percent, from 650.5 trillion won to 660.9 trillion won.

The growing difference between Koreans’ spending overseas and foreigners’ spending in Korea could backtrack efforts to fuel domestic consumption, experts warned. Koreans spending money overseas have no impact on inducing domestic consumption, they added.

By Won Ho-jung (hjwon@heraldcorp.com)