Households' overseas spending up 18.9 percent in Q4

Tourists at Incheon International Airport / Korea Times file

South Korean households' overseas spending rose 18.9 percent in the fourth quarter from a year earlier on increased outbound travel to foreign countries, the central bank said Saturday.

South Korean households spent 8.43 trillion won ($7.8 billion) overseas in the October-December period, the Bank of Korea (BOK) said.

The data includes expenditure by South Koreans on accommodation and food while traveling or taking business trips to foreign countries.

The hike in overseas spending is attributable to increased outbound travel by South Koreans.

The number of outbound South Korean travelers came to 26.5 million last year, up 18.4 percent from a year earlier, according to government data. (Yonhap)