Korean’s overseas card spending hits record high in first quarter
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Overseas card spending by Koreans hit a fresh record high in the first quarter on rising outbound tourists, central bank data showed Thursday.
In the January-March period, a record $5.07 billion worth of purchases were made abroad, up 11.4 percent from three months earlier, according to the data by the Bank of Korea. From a year earlier, the Q1 tally marked a 26 percent increase.
Questions & Answers
Q.What was the total value of overseas card spending by Koreans in the first quarter?
What was the total value of overseas card spending by Koreans in the first quarter?
In the January-March period, Koreans spent a record $5.07 billion using their cards abroad. This figure represents a new peak for overseas card transactions recorded by the central bank.
Q.How much did overseas card spending increase compared to the previous quarter?
How much did overseas card spending increase compared to the previous quarter?
Overseas card spending by Koreans increased by 11.4 percent compared to the preceding three-month period. This significant rise contributed to the overall record high in the first quarter.
Q.What was the year-on-year growth rate for overseas card spending in the first quarter?
What was the year-on-year growth rate for overseas card spending in the first quarter?
Compared to the same period a year earlier, the first quarter's overseas card spending showed a substantial increase of 26 percent. This highlights a strong annual growth trend in Korean outbound spending.
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Will this Q1 overseas spending trend continue?
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