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September 5, 2014

Stat: U.S. Travel Exports Continue To Grow

Yesterday, the United States Department of Commerce's Bureau of Economic Analysis released some notable trade data that reflects the ever-increasing value of travel to the United States economy. 

The largest increases in exports of services from July 2013 to July 2014 were in travel (for all purposes including education) ($1.0 billion) and transport ($0.6 billion), which includes freight and port services and passenger fares. 

All travel purposes include business travel—including expenditures by border, seasonal, and other short-term workers—and personal travel, including health-related and education-related travel.

David Huether, senior vice president for research and economics at the U.S. Travel Association, released the following statement on the findings: 

"Although travel exports edged down slightly in July to $19.1 billion, travel imports remained essentially unchanged at $12.4 billion, resulting in a continuing healthy travel trade surplus of $6.7 billion.

"Compared to July 2013 travel exports are up 8.1 percent—more than double the 3.9 percent rise in other exports of goods and services over the previous 12 months. Not only did travel exports account for 9.7 percent of total U.S. exports in July 2014, they comprise nearly a fifth of the overall $8.1 billion increase in U.S. exports during the past year.

"Travel is a vital engine of economic growth for our country. To build on this success, it is essential for Congress to pass pending legislation such as the JOLT Act and Brand USA reauthorization to make it easier for international visitors to come to the U.S., inject their spending into local economics across the country and create more good American jobs."

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