IMGCAP(1)]
Third quarter credit spending by South Korean consumers traveling outside the country increased 8.8%, to US$1.85 billion (1.46 billion euros) from US$1.7 billion for the same period last year, according to the Bank of Korea. Spending fell about 1% from the second quarter, from US$1.87 billion, the bank says. Some 2.48 million South Korean consumers used their credit cards oversees during the third quarter, up 5.1% from 2.36 million a year earlier. Overseas card spending per capita stood at US$745 for the quarter, up 3.5% from US$720 for the same period last year. Despite the increases in oversees card spending, bank officials see challenges ahead. "As the Korean won is getting weaker, the number of Koreans going abroad is shrinking," a bank spokesperson tells CardLine Global.
