Korea’s tourism deficit soared in August due to a sharp increase in overseas travel as worldwide lockdowns ended.
According to the Bank of Korea on Tuesday, the tourism deficit increased 59 percent on-year in August, from US$610 million to $970 million. That is the biggest deficit since January 2020’s $1.4 billion and similar to pre-COVID levels.
That brought this year’s cumulative tourism deficit until August to $5.2 billion, up 27 percent on-year. In August 2020,…