S. Koreans' overseas card spending hits record high in Q3

SEOUL, Nov. 21 (Yonhap) -- Overseas card spending by South Koreans hit a record high in the third quarter due to a rise in the number of people going overseas, the central bank said Tuesday. In the July-September period, overseas card spending amounted to US$4.39 billion, up 15.9 percent from a year earlier, according to the Bank of Korea (BOK). From a quarter earlier, the Q3 tally marked a 4.9 percent increase. Overseas card spending includes purchases made with debit and direct payment cards, in addition to credit cards. The hike came as the number of South Koreans going abroad increased during the summer vacation season. Government data showed that 7.01 million South Koreans traveled to foreign countries in the third quarter, up 14.8 percent from a quarter earlier. The average amount spent with each card in foreign countries came to $307 in the third quarter, down from $320 in the April-June period, the BOK said. Meanwhile, card spending by foreign visitors in South Korea came to $2.09 billion in the third quarter, up 11.7 percent from the previous three months, the latest data showed. (END)