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S. Koreans' overseas plastic card spending rises 14.8 pct in Q1

SEOUL
2023-05-31 13:32

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SEOUL, May 31 (Xinhua) -- South Koreans' overseas plastic card spending logged a double-digit growth in the first quarter due to higher demand for overseas travel, central bank data showed Wednesday.

Using credit, check and debit cards, domestic residents spent 4.6 billion U.S. dollars overseas in the January-March quarter, up 14.8 percent from the previous quarter, according to the Bank of Korea (BOK).

The double-digit increase came as the higher number of local residents went on overseas travel amid the lifting of measures against the COVID-19 pandemic and the local currency's appreciation versus the U.S. dollar.

The number of outbound travelers jumped 55.2 percent from three months earlier to 4,979,000 in the first quarter.

The daily average won/U.S. dollar exchange rate declined to 1,275.6 won per dollar in the first quarter from 1,359.3 won in the previous quarter.

The overseas direct purchase through online shopping gained 26.7 percent to 1.25 billion dollars in the cited quarter.

Overseas spending through credit and check cards increased in double digits, but debit card use retreated in single figures in the first quarter.
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