Koreans' spending on overseas travel hits record high in Q3

South Koreans' spending on overseas travel hit a record high in the third quarter as the local currency sharply gained ground against the U.S. dollar, data showed Wednesday. Residents spent a combined US$4.78 billion in the July-September period, up 14.7 percent from a year earlier, according to data by the central bank. The increase in such spending came as the won appreciated 6.3 percent per the greenback in the third quarter. The local currency has been experiencing upward pressure to the dollar as foreign capital has been flowing into Asia's fourth-largest economy. Korea's relatively strong economic fundamentals and a pile-up in foreign reserves have been serving as the main factors in luring foreign funds. In the cited period, foreign visitors spent a combined $3.65 billion, up 0.5 percent from the previous year. In the first nine months of this year, the travel account posted a deficit of $2.96 billion, larger than the shortfall of $856.9 million in the previous year. Korea posted a travel account shortfall for the 16th straight month in September