Earlier this month, South Korea responded positively, but cautiously, to a joint agreement announced Monday between North Korea and the South's Hyundai Group to resume cross-border tourism, ease border controls and facilitate cross-border family reunions.

CNN: Two Koreas to discuss reunions for split families

Exports still account for over half of South Korea's economic output, compared with just 5% or so from tourism revenue.

WSJ: Seoul Bets on Chinese Tourists for Lunar New Year

But tourism was one of the rare bright spots for South Korea's economy last year, when exports fell 1.3%, their first decline since 2009.

WSJ: Seoul Bets on Chinese Tourists for Lunar New Year