Travel exports hit a record monthly high of $15 billion even as the overall trade deficit deteriorated slightly in the latest monthly report. David Huether, senior vice president of research and economics at the U.S. Travel Association, comments on the Commerce Department’s announcement of the latest trade figures:
"Today's report once again underscores the importance of travel as an export juggernaut for the U.S. economy. 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. 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."
Huether is available for further analysis and comment.
Cathy Keefe, (O) 202-408-2183, (C) 703-899-7031
Chris Kennedy, (O) 202-218-3604, (C) 202-465-6635
The U.S. Travel Association is the national, non-profit organization representing all components of the travel industry that generates $2.0 trillion in economic output and supports 14.6 million jobs. U.S. Travel's mission is to increase travel to and within the United States.