Travel Exports Rise in July as Other Exports Fall
Travel Responsible for 12 Percent of U.S. Export Gains for 2012
September 11, 2012
Washington, D.C. - David Huether, senior vice president of economics and research at the U.S. Travel Association, provides analysis on today's Commerce Department announcement that travel exports were $13.7 billion for July:
“The Commerce Department reported today that overall U.S. exports of goods and services fell by $1.9 billion in July while imports fell a similar $1.8 billion, resulting in a slightly higher monthly trade deficit of $42 billion. Offsetting some of the declines in other areas, travel exports edged up in July by $30 million to a level of $13.7 billion. While the July increase in travel exports was not as large as the $130 million increase in June, the travel industry continues to make positive headway in export growth this year. Through the first seven months of the year, travel exports have risen by nine percent compared to the first seven months of 2011, much faster than the 5.3 percent rise in other exports of goods and services.
As a result of faster export growth, the travel industry has been responsible for 12 percent of our economy’s overall export gain so far in 2012 compared to 2011 – close to double the travel industry’s contribution to export growth this time last year. Bucking the overall trend of a widening trade deficit that expanded to -$329.7 billion through the first seven months of this year, the travel industry’s trade surplus expanded five of the seven months so far in 2012 to $3.8 billion in July, the largest travel trade surplus since last October.
As highlighted in U.S. Travel’s recent Travel Means Jobs report, the travel industry is more labor intensive, more export-intensive and more immune to offshore outsourcing than other sectors of the economy, which is why it is important for policymakers to enact common sense reforms to increase international travel to the United States. Legislation such as the JOLT Act is key to increasing international spending in the United States and creating American jobs to improve local economies.”
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.