Korea enjoyed a $2.2 million surplus in health-related travel and tourism last year, the Bank of Korea (BOK) said Monday. This was the first time that the category was in the black since the bank began compiling figures in 2006.

However, it would be premature to declare that the Korea is on course to fulfilling its aspirations as a regional hub for “medical tourism.” The country’s income and expenditure related to health-related travel both declined last year, suggesting that the surplus had more to do with Koreans spending less abroad than foreigners spending more here.

And the surplus may prove to be one-off as the country suffered deficits in both January and February this year, according to the central bank.

“It’s hard to detect and analyze all the reasons why locals are going overseas to receive medical treatment. However, one could assume that, with the skill level and reputation of Korean medical institutions improving, fewer people are feeling inclined to receive treatment in advanced nations,” said a BOK official.

“Another factor is that the number of couples opting to have their babies in other countries to get citizenship there is declining. However, since travel accounts are influenced dramatically by the conditions in currency and purchasing power, it’s hard to say the numbers are directly related to changing social trends.”

The health-related travel account marked a $61 million deficit in 2006, a $69.8 million deficit in 2007, a $59.2 million deficit in 2008 and a $13.1 million deficit in 2009, according to BOK figures.

The country’s income from health-related travel last year was tallied at $68 million, while expenditure reached $65.8 million.

The income represented an annual decline of 17.8 percent while expenditure dropped by 31.3 percent.

Source: Yonhap News (April 4, 2011)