Travel exports hit a record monthly high of $15 billion, even as the overall trade deficit deteriorated slightly according to the latest monthly report.
“Today’s report once again underscores the importance of travel as an export juggernaut for the U.S. economy,” said David Huether, senior vice president of research and economics at the U.S. Travel Association.
While other export growth has slowed significantly in 2013, travel exports continue at a robust pace, which helped the travel industry generate a trade surplus of $4.6 billion in August. Through the first eight months of this year, travel exports increased 8.5 percent compared with last year. By comparison, other U.S. exports of goods and services were up just 1.8 percent during the same timeframe. With travel exports growing five times faster than other exports, the travel industry has accounted for 28 percent–more than a quarter–of overall U.S. export growth so far this year.
“This powerful economic force of welcoming international travelers to our shores is one of the primary reasons why the travel industry has added jobs at a faster rate than the rest of the economy during the past three years and has already made up nearly 90 percent of the jobs lost during the recession,” said Huether. “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.”
The U.S. Travel Association, www.ustravel.org