South Korea's payments for imported services have decreased for five consecutive months... mainly due to a fall in travel spending. <br />According to the Bank of Korea, the nation's payments for foreign services were around 11-point-8 billion U.S. dollars in January... down 4-percent from a year earlier.<br />The amount has been decreasing on-year since September 2018.<br />The central bank attributed the downward trend to the fall in payments for travel and transportation services.<br />For instance, people paid less when traveling abroad... because of an increase in the number of low-cost airlines. <br />This trend is generally a good sign for the local economy... as lower service payments will lead to a smaller services account deficit. <br /><br />
