A Trade Dynamo

“Travel continues to be a trade dynamo. Travel exports increased by $0.7 billion to $15.9 billion in December 2013 — an 11.8% increase from December 2012. The monthly increase was the largest since February 2012, and the largest December increase in the past 20 years,” observed David Huether, senior vice-president of research and economics at the U.S. Travel Association, in providing analysis on newly released US Commerce Department figures for the December U.S. trade balance.

Huether noted that: “The travel industry’s trade surplus — the third-largest of any industry — was 8.5% higher in December 2013 than in the same month a year before.”

And he pointed out that: “For 2013 overall, travel exports increased by 9.1% to a record $180.7 billion dollars. By contrast, other U.S. exports edged up just 2.3% in 2013, much slower than in 2012. As a result of growing so much faster than other exports, the travel industry generated 25% of the overall increase in U.S. exports in 2013 — not bad for an industry that makes up 8.6% of total U.S. exports overall.”

Huether also pointed out that: “With world-class destinations and competitively priced goods and services, the U.S. travel industry is attracting a record number of foreign travellers to our shores this year, and their spending while visiting our country is one of the key reasons the travel industry been creating jobs faster than the rest of the economy. To build on this success, we urge policymakers to support critical proposals to boost travel, such as the JOLT Act, which would increase international spending in the United States and create more American jobs.”

Go to http://www.ustravel.org for additional information.