S.Korean overseas card spending posts record $5.71 bn in Q3

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S.Korean overseas card spending posts record $5.71 bn in Q3 - Korea Economic Daily

Quick Summary:

According to the Card Spending by South Korean Residents Abroad in Q3 report released by the Bank of Korea (BOK) on Tuesday, total overseas card spending by domestic residents, including credit and debit cards, amounted to $5.7 billion.This marks a 10.1% increase from the second quarter ($5.2 billion) and surpasses the previous record of $5.185 billion set in the fourth quarter of last year".

With the increase in international travel during the summer, overseas card spending by South Korean residents reached a record high in the third quarter (July–September).

While overseas direct purchases via online shopping decreased, the seasonal increase in outbound travelers during the summer break contributed to the rise in spending," explained a Bank of Korea official.