South Korea posts record tourism deficit in 2017


South Korea saw a record deficit on its tourism
account last year. According to the Korea Tourism Organization
on Wednesday,… last year’s tourism deficit was 13-point-seven billion U.S. dollars, more
than double the previous year. Foreign tourists spent 13-point-three billion
dollars in Korea in 2017, a 22-point-five percent drop from a year earlier. Experts say the record deficit was due to
a fall in the number of Chinese tourists over China’s economic retaliation to Korea’s
deployment of the THAAD missile system,… and also due to a large increase in the number
of Koreans traveling abroad. Koreans spent over 27 billion dollars abroad
last year, up nearly 15-percent on-year.

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