Spending on overseas study remains big

Koreans spent some $4.3 billion on overseas studies last year, about 80 times the amount spent by foreign students here, according to the Bank of Korea (BOK), Sunday. Although the number of Korean students abroad and their spending have decreased slightly, they still number far more than foreign students here and their expenses, causing a huge deficit in the country’s overseas study account.

The data from the BOK and Statistics Korea showed that 239,213 Koreans spent $4.36 billion in 2012 on overseas study. The figure was a slight drop from $4.38 billion a year before. Annual overseas study spending hit $5 billion in 2007 and plummeted to $3.9 billion in 2009 in the aftermath of the global financial crisis, but has remained more than $4 billion on average since 2006.

For full article, see Korea Times.


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