S.Korean overseas card spending posts record $5.71 bn in Q3

With the increase in international travel during the summer, overseas card spending by South Korean residents reached a record high in the third quarter (July–September).

According to the Card Spending by South Korean Residents Abroad in Q3 report released by the Bank of Korea (BOK) on Tuesday, total overseas card spending by domestic residents, including credit and debit cards, amounted to $5.7 billion.

This marks a 10.1% increase from the second quarter ($5.2 billion) and surpasses the previous record of $5.185 billion set in the fourth quarter of last year.

"While overseas direct purchases via online shopping decreased, the seasonal increase in outbound travelers during the summer break contributed to the rise in spending," explained a Bank of Korea official. 

The number of outbound travelers in the third quarter (7,173,000 people) increased by 8.7% compared to the previous quarter.

Conversely, the amount spent on overseas direct online purchases dropped by 4.4%, from $1.47 billion to $1.41 billion during the same period.

By card type, spending increased for credit cards ($3.94 billion, up 5.6%) and debit cards ($1.77 billion, up 21.4%).

Write to Jin-gyu Kang at josep@hankyung.com