Preliminary data suggest that international visitors spent nearly $49.1 billion on US travel & tourism-related goods and services year to date
According to data recently released by the National Travel and Tourism Office (NTTO), international visitors spent nearly $16.8 billion on travel to, and tourism-related activities within, the United States in March 2023 – an increase of more than 49 percent compared to March 2022, marking the twenty-fourth consecutive month of year-over-year gains (when compared to the same month, previous year).
Conversely, Americans spent a record-setting $17.4 billion traveling abroad, yielding a balance of trade deficit of $572 million for the month. Prior to July 2021 the United States never recorded a monthly trade deficit for travel and tourism; since then, however, the United States has run a total travel and tourism-related trade deficit (imports exceeding exports) for seven of the last eleven months.
Preliminary data released by the Bureau of Economic Analysis suggest that international visitors spent nearly $49.1 billion on U.S. travel and tourism-related goods and services year to date (January through March 2023), an increase of nearly 61% when compared to the amount spent in the same period in 2022. International visitors have injected, on average, more than $545 million a day into the U.S. economy year to date.
Composition of Monthly Spending (Travel Exports)
• Travel Spending
- Purchases of travel and tourism-related goods and services by international visitors traveling in the United States totaled $9.7 billion during March 2023 (compared to $5.5 billion in March 2022), an increase of nearly 77 percent when compared to the previous year. These goods and services include food, lodging, recreation, gifts, entertainment, local transportation in the United States, and other items incidental to foreign travel.
- Travel receipts accounted for 58 percent of total U.S. travel and tourism exports in March 2023.
• Passenger Fare Receipts
- Fares received by U.S. carriers from international visitors totaled $2.8 billion in March 2023 (compared to $1.8 billion in March 2022), up 55% when compared to the amount spent in March last year. These receipts represent expenditures by foreign residents on international flights provided by U.S. air carriers.
- Passenger fare receipts accounted for 17 percent of total U.S. travel and tourism exports in March 2023.
• Medical/Education/Short-Term Worker Spending
IMEX Frankfurt May 23-25 is where the global business events community comes together for four exhilarating days every year. Where more than 3,000 meeting planners meet with 2,500-plus suppliers from every corner of the globe. This is where powerful business connections that offer real ROI are made. Whether you’re an events newbie or a pro (or anything in between), IMEX 2023 is exactly where you need to be. REGISTER FREE FOR IMEX NOW
