Media ININ Economy We Trust
Media IN MADRID, 6th June, 2019 WAM
According to a new report from the World Tourism Organisation (WTO), exports generated by international tourism reached US$1.7 trillion in 2018, a 4 percent increase in real terms over the previous year,
This is the seventh year in a row where tourism exports have grown faster than merchandise exports (+3 percent), reflecting solid demand for international travel in a generally robust economic environment.
“Rather than growing in volume we need to grow in value. We are pleased to see that both emerging and advanced economies around the world are benefiting from rising tourism income,” said WTO Secretary-General,
“Revenues from international tourism translate into jobs, entrepreneurship and a better situation for people and local economies, while reducing trade deficits in many countries” he added.
Total exports from international tourism include $1,448 billion in international tourism receipts (visitor spending in destinations) and $256 billion in international passenger transport services. Tourism constitutes a key source of foreign exchange and a major tool for export diversification for many destinations.
International tourism receipts increased 4 percent in real terms (adjusting for exchange rate fluctuations and inflation) to reach $1,448 billion in 2018, about $100 billion more than the previous year. This is consistent with the 6 percent increase in international tourist arrivals in 2018.
By regions, Asia and the Pacific led the way with 7 percent growth in international tourism receipts, followed by Europe with a 5 percent increase. The Middle East saw 3 percent growth, while Africa (+1 percent) and the Americas (0 percent) recorded more modest results. Central and Eastern Europe and North-East Asia (both +9 percent) were the subregions with the strongest growth.
Growth in receipts was fuelled by strong demand for international travel in the context of a robust global economy.
Among the world’s top ten source markets, China, the world’s top spender reported $277 billion in international tourism expenditure in 2018, a 5 percent increase in real terms from a year earlier, while the United States, the second largest, spent 7 percent more, to reach $144 billion.
