Based on the data, the share of travel services in commercial service exports in South Korea has shown significant fluctuations over the past years. From 14.09% in 2013, it peaked at 20.27% in 2019, but faced a sharp decline in 2020 to 11.57% due to the pandemic. This downward trend continued, reaching 8.5% in 2023. The forecast shows a continued decrease, down to 6.46% by 2028.
Year-on-year variation indicates a steep decline of approximately -8.26% from 2022 to 2023. The five-year compound annual growth rate (CAGR) from 2023 to 2028 is forecasted to be -3.94%, translating to an overall five-year growth rate of -18.23%.
Future trends to watch for include the impact of global economic recovery post-pandemic, evolving travel preferences, and potential policy changes in South Korea aimed at boosting the travel sector. Sustainable tourism and technological advancements in travel services may also play critical roles in shaping the sector's future.
