Seoul, June 28 (IANS) Monthly spending by foreign tourists in South Korea reached a record high of over 1.4 trillion won ($911 billion) in May, marking the third consecutive month foreign spending surpassed 1 trillion won, data showed on Sunday.

Credit card spending by inbound travellers came to 1.41 trillion won last month, up 73.7 percent from a year earlier, according to the data from the Korea Tourism Organization (KTO), reports Yonhap news agency.

Spending by foreign travellers surpassed 1 trillion won for the first time in March, as global fans of K-pop megastar BTS flocked to Seoul to watch the boy group’s comeback performance at Gwanghwamun Square.

It hit another record high in April as BTS kicked off its world tour “Arirang” in Goyang, northwest of Seoul.

The record-high figure posted in May despite the absence of BTS concerts suggests South Korea’s tourism sector has entered a more stable phase, local experts noted.

By sector, shopping accounted for the largest share at 39.1 percent of foreign spending, followed by “beauty wellness” at 21.1 percent, fashion at 14.3 percent, and “lifestyle food” at 11.9 percent, among others.

Meanwhile, the amount of money drawn out from overdraft accounts rose to the highest level in nearly four years last week, as borrowers took out more credit for stock investment, data showed on Sunday.

The outstanding overdraft balance of individuals at five major lenders — KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH Nonghyup Bank — stood at 43.34 trillion won (US$28.3 billion) as of Thursday, according to industry data.

It marks the highest figure since October 2022 in terms of end-month balance.

Outstanding credit loans, including overdrafts, came to 108.7 trillion won as of Thursday, the highest level in three years since June 2023.

As of Thursday, borrowers spent a total of 43.3 trillion won from such accounts with a combined maximum credit limit of 96.7 trillion won, according to the data.

The average usage rate of overdraft accounts was 44.8 percent, recording the highest level since the pandemic.

—IANS

na/