David Huether, senior vice president of research and economics at the U.S. Travel Association, provides analysis on the Commerce Department announcement that the U.S. trade deficit widened in January.
David Huether, senior vice president of research and economics at the U.S. Travel Association, provides analysis on today's Commerce Department announcement that the U.S. trade deficit widened in January.
"The travel industry generated a trade surplus of $4.6 billion in January, which was up 39 percent from a year earlier. The reason is that while travel imports (spending by Americans on international travel) have edged up just one percent since January 2012, travel exports (spending by international travelers to and within the U.S.) have increased 10.5 percent, which is more than three times faster than the 3.3 percent rise in total U.S. exports during this time.
"This faster export growth underscores the increasing importance of travel to our economy, with travel exports accounting for nearly a quarter (23%) of the rise in total U.S. exports over the past 12 months ending January 2013. The travel industry now comprises nearly eight percent of total U.S. exports, up from seven percent just two years ago.
"Going forward, enacting policies that boost international visitation to the U.S., such as expanding the Visa Waiver Program and improving international traveler facilitation at U.S. ports of entry, will help the travel industry be a continuing source of economic growth and job creation for our country."
Huether is available for further analysis and comment.
U.S. Travel Association is the national, non-profit organization representing all components of the travel industry. In 2020, travel generated $1.5 trillion in economic output and supported 11 million jobs, a drastic decline from pre-pandemic figures. U.S. Travel's mission is to increase travel to and within the United States. Visit ustravel.org for information and recovery-related data.