What is the reason for the record high tourism deficit in South Korea?

Since 20 17, the number of foreign tourists to Korea has been decreasing, but the number of Koreans traveling abroad has increased significantly year-on-year, and the deficit of tourism revenue and expenditure in Korea has reached a record high. According to the analysis of Yonhap News Agency10,8, the sharp drop of tourists to South Korea and China may be the main reason.

According to a data released by Korea Tourism Organization (Korea Tourism Development Agency) on the 8th, the number of foreign tourists to Korea from June to August was about 8,864110,000, a sharp drop of 22.8% year-on-year. In the same period, the number of outbound tourists in South Korea increased by 17.7% year-on-year, about17,395,500. Affected by this, South Korea's tourism revenue and expenditure deficit continues to expand. Data show that from June 5438 to May, South Korea's tourism revenue and expenditure deficit surged by 239.3% year-on-year, reaching US$ 5.067 billion, the highest in the same period in history.

According to Yonhap News Agency's analysis, under the situation that China-ROK relations are deadlocked due to Sadr's entry into South Korea, the sharp drop of tourists to South Korea may be the main reason for the decrease of foreigners going to South Korea. From June 5438 to August, there were about 2,873,500 tourists coming to China, a year-on-year decrease of 48.8%. Especially from March to August, the number of tourists to South China dropped by 62.2% year-on-year.

South Korea's tourism industry pointed out that due to the sharp drop in foreign tourists, South Korea's tourism industry may fall into an "L" recession. Korea Tourism Organization predicts that if the negative factors of Korean tourism continue to ferment, it is expected that the number of foreigners going to Korea will decrease by 27.2% in 20 17.