David Huether, senior vice president for research and economics at the U.S. Travel Association, comments on today’s trade data released by the Commerce Department's Bureau of Economic Analysis.
David Huether, senior vice president for research and economics at the U.S. Travel Association, comments on today’s trade data released by the Commerce Department's Bureau of Economic Analysis:
"Although travel exports edged down slightly in July to $19.1 billion, travel imports remained essentially unchanged at $12.4 billion, resulting in a continuing healthy travel trade surplus of $6.7 billion.
"Compared to July 2013 travel exports are up 8.1 percent—more than double the 3.9 percent rise in other exports of goods and services over the previous 12 months. Not only did travel exports account for 9.7 percent of total U.S. exports in July 2014, they comprise nearly a fifth of the overall $8.1 billion increase in U.S. exports during the past year.
"Travel is a vital engine of economic growth for our country. To build on this success, it is essential for Congress to pass pending legislation such as theJOLT Act and Brand USA reauthorization to make it easier for international visitors to come to the U.S., inject their spending into local economics across the country and create more good American jobs."
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.