THE INVESTOR

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May 27, 2018

Foreigners’ purchases at duty-free stores reach record high in Dec.

PUBLISHED : January 23, 2018 - 10:41

UPDATED : January 23, 2018 - 10:41

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[THE INVESTOR] Sales to foreigners at Korean duty-free stores reached a new record high in December, industry data showed on Jan. 23.

Sales to foreigners at local duty-free shops came to US$939 million last month, up 28 percent from a year earlier, according to data compiled by the Korea Duty Free Shops Association. The figure is up 0.1 percent from the previous high of US$983 million, set in November.

The number of foreign visitors to local duty-free shops, meanwhile, plunged 11.3 percent on-year to 1.42 million last month, mainly due to Beijing’s ban on selling Korea-bound package tours in apparent retaliation over the deployment of THAAD.

The number of Chinese nationals who visited Korea last year stood at 4.16 million, down 48.3 percent from 8 million tallied the previous year, according to separate government data.

Chinese nationals accounted for nearly half of the 17 million foreigners who visited Korea in 2016.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)

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