Travel Exports Edge Down Slightly in October; Remain Strong Overall for 2012
December 11, 2012
Washington, D.C. - David Huether, senior vice president of research and economics at the U.S. Travel Association, provides analysis on today's Commerce Department announcement on October 2012 international trade:
"Overall U.S. exports fell $6.8 billion in October while imports fell $4.9 billion, resulting in the trade deficit edging up slightly to $42.2 billion. Trade declines occurred across the board in both goods and services – including travel, where exports fell $453 million in October.
"Generating a monthly trade surplus of $16.9 billion in October, trade in services remains a positive engine of economic growth for our economy. And with the travel industry accounting for more than a quarter of this surplus, international travel continues to be a leading source of economic growth at a time when uncertainty looms large. Through the first 10 months of the year, travel exports increased 9.6 percent over last year, which is more than double the 4.2 percent rise in other exports of goods and services.
"The positive economic impact of international travelers visiting the United States is one of the key reasons why policymakers should support policies that would increase visitation. As seen in a recent report by Oxford Economics and the U.S. Travel Association, the travel industry is an indispensable source for quality American jobs. Travel jobs provide skills that translate into rewarding careers. An increase in travel exports results in a corresponding increase in quality middle-class jobs for Americans."
Huether is available for further analysis and comment.
Cathy Keefe 202-408-2183
The U.S. Travel Association is the national, non-profit organization representing all components of the travel industry that generates $1.9 trillion in economic output and supports 14.4 million jobs. U.S. Travel's mission is to increase travel to and within the United States.