Korean Job Discussion Forums

[wylies99]

Foreigners' Travel Spending Hits Record in 2008
http://www.koreatimes.co.kr/www/news/biz/2009/02/123_38723.html

Foreign tourists spent quite generously in South Korea last year as a weaker Korean currency eased their burden of visiting Asia's fourth-largest economy, Yonhap News reported quoting central bank data Saturday.

Foreigners' travel spending in South Korea reached a record $9.02 billion in 2008, up from $6.09 billion the previous year, according to the Bank of Korea (BOK).

The 2008 figure was the highest since 1980 when the BOK began compiling related data.

"The won sharply lost its value against the dollar last year while the Japanese currency gained strength. More Japanese people visited Korea last year," said an official at the state-run Korea Tourism Organization. The greenback serves as the benchmark for the won-yen cross rate.

The Korean won fell 25.7 percent against the U.S. dollar last year, becoming one of the world's worst-performing currencies.

Meanwhile, South Koreans' spending on overseas travel sharply declined due to a weaker won and the economic slump. Their spending amounted to $12.6 billion in 2008, down 25.4 percent from the previous year, according to the bank data.