Strong growth in outbound travel , exports from international tourism hit USD 1.7 trillion
Exports generated by international tourism reached US$ 1.7 trillion in 2018, a 4 per cent increase in real terms over the previous year, according to a new report of the World Tourism Organization (UNWTO) .
Strong growth in outbound travel from many source markets around the world fuelled revenues from international tourism to reach a total US$ 1.7 trillion. This accounts for 2percent of global service exports and 7 per cent of overall exports of goods and services.
These figures consolidate international tourism among the top five economic sectors in the world, behind chemical manufacturing and the fuel industry but ahead of the food and automotive industries.
Total exports from international tourism include USD 1,448 billion in international tourism receipts (visitor spending in destinations) and USD 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 per cent in real terms (adjusting for exchange rate fluctuations and inflation) to reach USD 1,448 billion in 2018, about USD 100 billion more than the previous year. This is consistent with the 6 per cent increase in international tourist arrivals in 2018, according to Madrid-based UNWTO.
By regions, Asia and the Pacific led the way with 7per cent growth in international tourism receipts, followed by Europe.
Among the world’s top ten source markets, France and the Russian Federation both recorded 11 per cent growth in outbound spending in 2018, while Australia saw a 10 per cent increase.
China, the world’s top spender reported USD 277 billion in international tourism expenditure in 2018, a 5 per cent increase in real terms from a year earlier, while the United States, the second largest, spent 7 per cent more, to reach USD 144 billion.
International expenditure from the United Kingdom grew 3 per cent in 2018, and 4 per cent from Italy, while Germany and the Republic of Korea both reported rather flat results. Further down the ranking, Spain enjoyed 12 per cent higher spending on international tourism in 2018, according to UNWTO.
June 2019
Photo : Tourists in China / Travel BizNews
