Foreigners' travel spending in S. Korea hit record high in 2008

SEOUL, Jan. 31 (Yonhap) -- Foreign tourists spent quite generously in South Korea last year as a weaker Korean currency eased their burden of visiting Asia's fourth-largest economy, central bank data showed Saturday.

Foreigners' travel spending in South Korea reached a record US$9.02 billion in
2008, up from $6.09 billion the previous year, according to the Bank of Korea
(BOK) data.
The 2008 figure was the highest since 1980 when the BOK began compiling related
data.
"The won sharply lost ground to the dollar last year while the Japanese currency
gained strength. More Japanese people visited Korea last year," said an official
at state-run Korea Tourism Organization. The greenback serves as the benchmark
for the won-yen cross rate.
The Korean won fell 25.7 percent against the U.S. dollar last year, becoming one
of the world's worst-performing currencies.
Meanwhile, South Koreans' spending on overseas travel sharply declined due to a
weaker won and the economic slump. Their spending amounted to $12.6 billion in
2008, down 25.4 percent from the previous year, according to the bank data.
sooyeon@yna.co.kr
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