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The Bank of Korea reported a $220.5 million surplus in the travel account for May, reversing an $820.2 million deficit in the same month a year earlier. Foreign visitor arrivals jumped 19.4 percent from a year ago during the period, Korea Tourism Organization figures show. This marks the third consecutive monthly surplus following an 11-year streak of deficits that only ended earlier in 2026.
A Korea JoongAng Daily assessment of the central bank data tied the positive balance to sustained growth in inbound tourism. South Korea welcomed a record 18.7 million international visitors in 2025, according to government tallies, exceeding the previous peak of 17.5 million set in 2019. The surge has continued into 2026 with arrivals between January and July outpacing comparable periods before the pandemic, industry reports indicated.
Bank of Korea preliminary figures placed the broader services account deficit at $1.09 billion in May, narrowed from $2.42 billion in April. The travel component contributed to an overall current account surplus that reached a record $38.61 billion for the month, trading economics compilations of central bank statistics show. For the first five months of 2026 the current account surplus expanded to $141.28 billion from $33.90 billion in the same period a year earlier.
Central bank data showed the goods account remained the dominant driver of the current account with a $37.86 billion surplus in May on semiconductor export growth of 62.9 percent year on year. Exports totaled $94.34 billion while imports rose 22.2 percent to $56.48 billion. The primary income account swung to a $2.17 billion surplus from a deficit in April, the Bank of Korea noted.
Korea Tourism Organization statistics highlighted that visitor numbers have benefited from cultural exports and policy measures including expanded visa waivers. Inbound arrivals reached 16.37 million in 2024 before climbing to the record level in 2025, according to ministry data. Officials project further growth in 2026 as regional demand for Korean cultural and shopping experiences persists.
The central bank has recorded current account surpluses for more than three years straight since May 2023, the second-longest such run in history. Annual surpluses hit a record $123.05 billion in 2025, up from $99.97 billion the year before, Bank of Korea figures confirm. Travel improvements have begun to ease previous drags on the services balance that stemmed from higher outbound spending.
