24-Jan-2013 10:55 AM

Korea forecasts 4.5% domestic pax growth, int'l pax to reach 50 million for the first time in 2013

South Korea’s Ministry of Land, Transport and Maritime Affairs reported total air passenger numbers increased 8.2% year-on-year to a record 69.3 million in 2012, the third consecutive year of growth. According to a Yonhap report, international passenger numbers increased 11.9%, exceeding domestic growth of 3.0%, which the Ministry attributes to the increase in foreign arrivals on the back of the Korean Wave and the increase in outbound travel by South Koreans. According to the Ministry, domestic carriers had a 66.7% market share in the international market, double that of foreign carriers. Looking forward, the Ministry is forecasting a 4.5% increase in domestic passengers and a 12% increase in international passengers to reach 50 million for the first time this year, due to the 2013 Pyeongchang Special Olympics and the increasing international services by LCCs.

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