The share of travel services in South Korea's services exports has shown significant fluctuations over the past decade. From a peak of 20.1% in 2019, it dropped drastically to 9.01% in 2021, impacted heavily by the COVID-19 pandemic. As of 2023, this share stood at 8.51%, continuing a downward trend. From 2024 onwards, forecasts indicate a gradual decline, with an expected value of 6.62% by 2028, reflecting a negative 5-year CAGR of -3.6% and a 5-year forecasted growth rate of -16.73%.
Future trends to watch for include the potential recovery of international travel post-pandemic, innovations in digital services, and shifts in consumer preferences towards domestic travel or alternative experiences. External factors like geopolitical dynamics and economic policies will also play crucial roles in shaping the future landscape of travel services exports in South Korea.
