[Photo] South Korea’s travel account deficit increases despite effects of Pyeongchang Olympics

The Bank of Korea announced on Apr. 5 that the country’s travel account deficit reached US$1.41 billion in February, rising from US$1.17 billion the previous year. The increase was driven by a 40% drop in the number of Chinese tourists who had visited South Korea as compared to the previous February, along with an increase in South Korean tourists who travelled overseas. However, a rise in visitors from other parts of the world, particularly North Americans and Europeans who came to watch the Pyeongchang Olympics, led to February recording the lowest tourist account deficit for the country in five months. (by Lee Soon-hyuk, staff reporter)