SEOUL, Feb. 5 (Xinhua) -- South Korea's services account deficit hit a record high last year as the number of Chinese tourists visiting the country tumbled, central bank data showed Monday.
Services account deficit amounted to 34.47 billion U.S. dollars in 2017, after recording 14.92 billion dollars in 2015 and 17.74 billion dollars in 2016 respectively, according to the Bank of Korea (BOK).
The deficit kept a record-breaking trend for the third consecutive year as the travel account deficit increased amid the falling number of Chinese visitor to South Korea.
The travel account deficit posted 17.17 billion dollars in 2017, surpassing the previous record high of 15.84 billion dollars tallied in 2007.
The number of Chinese tourists visiting South Korea plunged 48.3 percent in 2017 from the previous year, leading to a 22.7-percent decline in the total number of foreigners traveling to South Korea last year.
In contrast, the number of South Koreans who traveled abroad jumped 18.4 percent in 2017 from the prior year.
Trade balance for goods posted a surplus of 119.89 billion dollars in 2017, marking the second-biggest figure ever recorded by the South Korean economy.
Exports, which account for about half of the export-driven economy, advanced 12.8 percent over the year to 577.38 billion dollars in 2017 thanks mainly to strong demand for locally-made semiconductors and the global economic recovery.
Imports expanded 16.4 percent to 457.49 billion dollars, posting the first increase in six years.