The share of travel services in commercial service imports in South Korea has experienced significant fluctuations over the past decade. From 19.94% in 2013, it peaked at 26.71% in 2018 before a sharp decline due to the pandemic, reaching 14.82% in 2023. The year-on-year variation from 2022 to 2023 is minimal at 0.07%, indicating stabilization. The 5-year CAGR leading to 2023 shows an average annual decrease of 8.57%. Forecasts predict steady, albeit slow, growth with a 5-year CAGR of 0.05% and a growth rate of 0.24% by 2028.
Future trends to watch for include the impact of geopolitical stability, technological advancements in travel booking, and post-pandemic recovery in global travel demand, which may influence future shares of travel service imports in South Korea.
