Travel Exports Growth Outpacing Other U.S. IndustriesAugust 10, 2012 By: Newswire Travel Agent
While travel exports declined by $40 million since May – a 0.3 percent change – year to date, travel exports are still growing faster than all other service exports and contribute to more than one-quarter of total service exports, David Huether, senior vice president of economics and research at the U.S. Travel Association reports.
Huether offered his analysis of the Commerce Department's report on international trade. Commerce said that overall exports increased to $185 billion in June, up more than $2 billion from May. However, overall exports of services slightly decreased to $52.2 billion, including travel exports, driven mainly by $35 million decline in passenger fare exports.
"Travel exports outpaced the rest of the economy through the first six months of the year, increasing 11 percent – nearly three times faster than total services exports and double overall exports," Huether said. "The slight slowdown in June reinforces the need to promote the United States abroad and increase international travel to the United States. Legislation such as the Jobs Originated through Launching Travel (JOLT) Act are key to continue to increase international spending and create American jobs to improve local economies," Huether said.