SEOUL - SOUTH Korea's travel account deficit drastically narrowed last year as the weaker won attracted more foreign tourists while preventing many Koreans from travelling abroad, government data showed on Sunday.
The country's travel account shortfall fell to less than one third from US$10.1 billion (S$14.9 billion) in 2007 to US$3.1 billion in 2008, according to figures released by the Ministry of Culture, Sports and Tourism.
Foreign tourists spent US$9.3 billion here in 2008, up 61.3 per cent from the previous year, as South Koreans' spending on overseas travel slumped 22 per cent to US$12.4 billion.
Per-capita spending here by foreign tourists jumped to US$1,740 last year, up from an average US$907 over the three previous years.
The won weakened to an average 1,373.84 to the dollar in December last year from 930.24 won a year earlier.
A total of 6.89 million foreigners visited South Korea last year, up 6.9 per cent from 2007.
But the number of Koreans travelling overseas fell 13 per cent to 12 million, the first decrease since 2003.
Japan topped the list with 2.38 million tourists visiting here last year, followed by China (1.17 million) and the US (610,000). -- AFP
