As more foreigners look to Korea for medical tourism, domestic medical tourism surplus exceeded $100 million for the first time last year.

According to the Bank of Korea’s ‘Statistics on International Balance of Payments in 2013’, from January to November 2013, health-related travel revenue was approximately a little over $180 million, whereas spending added up to roughly $80 million – the first time to ever break $100 million.

In particular, the surplus more than doubled from the previous year; $40 million in 2012 to approximately $100 million in 2013.

The surplus of health related travel has increased steadily since 2011.

Although 2012 achieved revenue of $100 million, the expenses also increased significantly, making the profit slim.

Health-related travel expenses decreased from $100 million in 2012 to $80 million last year.

The revenue of medical tourism has more than tripled since 2006. Health related travel income came out to be $50 million in 2006 to over $180 million in 2013. Revenue growth can be seen as exceptional in this case.

Through the rapid growth of medical tourists, revenue of health-related trips exceeded $100 million.

Korean medical services have been recognized for its low cost despite its world class services. These benefits have attracted foreigners throughout the world.

Many countries look to Korea for treatments in disease related services. Countries include Russia, Mongolia, the Middle East, China, as well as Japan.

The annual growth rate of domestic to foreign patients has an average of 37%, which confirms the potential for growth in medical tourism. Last year, over 158,000 foreigners traveled to Korea for its services.

Lee Sang-ho, the chairman of ‘Export Promotion Council for Healthcare Hospital Association’ states “Foreign patients are constantly looking to disburse medical expenses in Korea for its great services. Although individual hospital efforts are important, in order to attract more foreign patients, a national movement for medical system improvements must occur”.