By Diplomacy Journal Lee Kap-soo

Foreign card spending in the country in the second quarter of the year broke a record high thanks to the popularity of Korean content, Korea.net reported on Aug. 28..

The Bank of Korea on Aug. 26 released data saying domestic card use by non-residents rose 38.2% from the first quarter to USD 3.79 billion (KRW 5.28 trillion). The previous record was USD 3.38 billion in the fourth quarter last year.

The ratio of card use in the country by non-residents to overseas card spending by residents was also 69%, the highest since the fourth quarter of 2016.

Domestic media including Yonhap News quoted a bank official as saying the new record was thanks to the 28% rise in the number of foreign tourists from 3.87 million in the first quarter to 4.96 million in the second, adding that the figure has kept growing due to the popularity of domestic content such as "KPop Demon Hunters."

Overseas card spending by residents in the second quarter reached USD 5.52 billion (KRW 7.7 trillion), up 3.3% from the first.

The central bank said, "Despite lower demand for overseas travel, (this trend) was mainly due to the rise of overseas spending per card and higher direct purchases abroad via Chinese online shopping sites."