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Spending on overseas study dips lowest in 10 years
SEOUL, Aug. 17 (Yonhap) -- South Koreans' spending on overseas study fell by the largest amount in 10 years for the the first half of 2008, mainly due to a weaker local currency and what some here describe as a passing "peak" in overseas education, a report by the Bank of Korea (BOK) showed Sunday.
According to data compiled by the central bank, South Koreans' expenditures on overseas studying totaled US$2.26 billion in the January-June period, down 5.8 percent from a year earlier. It was the first decline since 2001 and the largest half-year fall since the 1997-98 Asian financial crisis.
Heavy overseas spending by travelers and students account for much of South Korea's service account deficit, which in the first half of this year marked $9.34 billion, down from $10.6 billion during same period a year ago, according to the report.
"On the first-half period basis, overseas spending on education swung to the negative after a continued upward trend," said Yang Jae-ryong, head of the BOK's balance of payments statistics team. "It seems that the growth of overseas study has peaked."
Such expenses fell 35 percent on-year to $376.1 million in the first six months of 1998 during the financial crisis, but have been on an upward trend since 2002 when they jumped 47.1 percent from the previous year.
The pace of growth then slowed in 2007 to 16.3 percent, the BOK said.
Experts say the latest figures may be an indication of a turnaround from a peak in overseas studying, as well as a result of the weaker won and a slowing economy.
"Since the government of President Lee Myung-bak took office in February, expectations have risen that domestic English education will be reinvigorated," Yang added.
The South Korean currency has fallen nearly 10 percent against the greenback so far this year.
sooyeon@yna.co.kr
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