[Special Stock] Related Stocks Rise Together on Traveler Carry-on Duty-Free Allowance Increase

[Asia Economy Reporter Lee Seon-ae] As the government announced plans to raise the duty-free allowance for travelers' carry-on items to $800, duty-free related stocks are showing a simultaneous surge on the 18th.

As of 10:40 a.m. that day, Hotel Shilla was trading at 69,300 KRW, up 2.51%. It surged to as high as 70,800 KRW in early trading. Shinsegae and Hyundai Department Store also recorded gains of 1.91% and 2.54%, trading at 213,000 KRW and 64,500 KRW respectively. Global Tax Free, a specialist in refund services, jumped 9.68% to 2,605 KRW.

On the 16th (local time), Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated at a press conference during the G20 Finance Ministers and Central Bank Governors Meeting held in Bali, Indonesia, "To strengthen support for the tourism industry, which has been struggling due to COVID-19, we will push to raise the fixed duty-free allowance for travelers' carry-on items, which has been unchanged since 2014," adding, "We are considering raising it to around $800."

Currently, the duty-free allowance per person for carry-on items includes one bottle of alcohol, 60 ml of perfume, 200 cigarettes, and other goods totaling less than $600. The duty-free allowance for travelers' carry-on items has been raised from 100,000 KRW in 1979 to 300,000 KRW in 1988, $400 in 1996, and $600 in September 2014.

This content was produced with the assistance of AI translation services.