Travel Exports Continue to Outpace Overall Export Growth
David Huether, senior vice president of research and economics at the U.S. Travel Association, reacts to Tuesday’s Department of Commerce?1?on the U.S. trade deficit:
“June was another reliable month of export growth for the travel industry, as travel exports grew by $51 million to $14.6 billion. As a result, the travel industry’s trade surplus remained steady at $4.3 billion, 9 percent higher than June of last year.
“The growth of travel exports has greatly outperformed that of other industries, which has slowed considerably in 2013. Travel exports are up 7.1 percent compared to the same point a year ago, a growth rate more than four times faster than the 1.7 percent increase in other U.S. exports. As a result, the travel industry has generated one quarter of the overall increase in U.S. exports so far this year.
“Today’s Commerce data is proof that welcoming international travelers to our shores is a powerful engine of economic growth. The ongoing increase in travel exports is one of the main reasons the travel industry has created jobs at a 15 percent faster rate than the rest of the economy. We urge policymakers to support critical proposals to boost travel, such as the?1, which would increase international spending in the United States and create American jobs.”