The short answer is yes.  A study by The University System of Georgia concluded that kids who spent a year studying abroad experienced greater success. Here are some of the key findings of the study:

Graduation rates were higher for Georgia students who studied abroad than for those who stayed home. The six-year graduation rate averaged 89 percent for study-abroad students, as against 83 percent for the control group.

Grade-point averages ran a bit higher for students who had studied abroad, particularly among those with lower SAT scores. The mean GPA of study-abroad students with 1000 SAT scores (500 points each on the verbal and math section, close to the national average) was 3.22, a strong B, compared with 3.16 for those who had not studied abroad.

If you can afford to send your kids to a foreign country for a year you probably should. Not only will they learn about another culture but they will do better academically when they return.