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Rising overseas trips to raise Korea’s travel account deficit

Korea Economic Daily LogoKorea Economic Daily4h ago

Rising overseas trips to raise Korea’s travel account deficit - Korea Economic Daily

Quick Summary:

Modetour said bookings for overseas trips from Sept.28 to Oct.6 soared by 45 percentage points from the previous week after the government designated Armed Forces Day on Oct.1 as a temporary holiday.“Many customers were looking for packages not only for short-haul destinations such as Southeast Asia and Japan but also for long-distance destinations such as Europe, as three days' leave allows for a nine-day vacation during this period,” said a travel industry source in Seoul said.

The number of users of Korea’s main gateway was expected to hit a record high of 200,671 per day, on average, during the festival period, led by increases in sales of international tour packages for families, the airport operator said.Hanatour Service Inc., the country’s No.1 travel agency, and its smaller rival Modetour Network Inc.said booking rates for overseas package travel services for the autumn harvest festival rose by 10 percentage points and 35 percentage points, respectively from a year earlier.

Demand for overseas travel among South Koreans during the upcoming holiday grew, while the number of inbound tourists from China is expected to shrink, hurting the travel account and domestic demand of Asia’s fourth-largest economy.


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Article Details

Category: Economy

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-14 @ 10:00:02 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 675 words

Reading Time: 4 minutes read

Sentences: 24 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Korea Economic Daily

News ID: 22503646

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About Korea Economic Daily

Korea Economic Daily Logo

Main Topics: Economy

Official Website: kedglobal.com

Update Frequency: 8 posts per day

Year Established: 1964

Headquarters: South Korea

News Last Updated: 20 hours ago

Coverage Areas: South Korea

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

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API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #91

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