Meetings & Convention News: Foreign Visitors Spent $18 Billion on US Travel in July
According to the National Travel and Tourism Office (NTTO) data, international visitors spent nearly $18 billion on travel to, and tourism-related activities within, the United States, an increase of nearly 24 percent compared to July 2022 and the highest level of monthly spending since December 2019.
Conversely, Americans spent more than $17.2 billion traveling abroad during July, yielding a balance of trade surplus of $777 million, and the fourth consecutive month during which the United States enjoyed a balance of trade surplus for travel and tourism-related goods and services.
International visitors have spent more than $118.5 billion on U.S. travel and tourism-related goods and services year-to-date (YTD) (January through July 2023), an increase of nearly 34 percent when compared with 2022; international visitors have injected, on average, more than $559 million a day into the U.S. economy YTD.
Composition of Monthly Spending (Travel Exports):
• Travel Spending
Purchases of travel and tourism-related goods and services by international visitors traveling in the United States totaled $9.7 billion during July 2023 (compared to $7.7 billion in July 2022), an increase of more than 27 percent when compared to the previous year. These goods and services include food, lodging, recreation, gifts, entertainment, local transportation in the United States, and other items incidental to foreign travel.
Travel receipts accounted for 54 percent of total U.S. travel and tourism exports in July 2023.
• Passenger Fare Receipts
Fares received by U.S. carriers from international visitors totaled $3.4 billion in July 2023 (compared to $2.6 billion in the previous year), up 28 percent when compared to July 2022. These receipts represent expenditures by foreign residents on international flights provided by U.S. air carriers.
Passenger fare receipts accounted for 19 percent of total U.S. travel and tourism exports in July 2023.
• Medical/Education/Short-Term Worker Spending
SOURCE: Read More