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S. Koreans spend money overseas in Q2 for MERS outbreak

Xinhua, September 4, 2015 Adjust font size:

South Koreans spent the largest amount of money overseas with credit cards during the second quarter as the Middle East Respiratory Syndrome (MERS) outbreak prevented them from using money in domestic markets, central bank data showed Friday.

Credit card spending by local residents amounted to 3.32 billion U.S. dollars in the second quarter, breaching the previous high of 3.21 billion dollars tallied in the first quarter, according to the Bank of Korea (BOK).

South Korean travelers spent more overseas with credit cards, while reducing expenditure in local markets for fear of the viral disease contagion.

The MERS, the first case of which was found here on May 20, infected 186 people. Among them, 36 passed away. Consumers refrained from outside activity, even being reluctant to go outside for shopping.

The number of South Koreans going abroad for tour reduced 5.3 percent in the second quarter from the previous quarter, but the amount of credit card usage increased 3.3 percent in the same period.

Overseas payment by local residents, including tour and costs to stay in foreign countries for school, totaled 6.05 billion dollars in the second quarter, among which 54.9 percent was paid with credit cards. Endi