Posted February. 06, 2005 22:30,
It was reported that for every 22 Korean students who go abroad to study, one foreign college student or graduate student comes to Korea to study.
As the number of Korean students who go abroad to study is increasing, the countrys balance of payments deficit in education services is reportedly the worst among OECD member countries.
According to a report titled, An Analysis of the State of Koreas Balance of Payments in Education Services released by Trade Research Institute of Korea International Trade Association (KITA) on February 6, the sum that Korean students who went abroad to study last year spent is estimated at about 5.15 billion dollars (about 5.25 trillion won).
Meanwhile, the expenditures of foreign students studying in Korea stayed at a mere 260 million dollars, bringing the balance of payments deficit in education services to about 4.9 billion dollars.
The balance of payments deficit in education services has been increasing every year, from about 4.26 billion dollars in 2002 to 4.5 billion dollars in 2003.
The number of Korean students studying abroad also increased 13.3 percent, from 350,000 in 2003 to 390,000 last year.
On the other hand, the number of foreign students studying in Korea stayed at 17,000 last year, and 25 percent of them are reportedly receiving scholarships, including ones funded by the Korean government.
In contrast to Korea, the United States and Australia had ratios of 20 and 16 foreign students, respectively, per one native student who went abroad in 2003. The figure was 1.35 and 0.38 for Japan and China, respectively, showing a higher ratio of foreign students coming to study.
The KITA said, As Korea is not an English-speaking country and its education is not competitive, the balance of payments deficit in its education services is escalating.