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Washington – New data released by the U.S. Department of Commerce shows the nation’s travel trade revenue will fall to $4 billion in 2022 – down from an all-time high of $85.9 billion less than a decade ago, pointing to the need to rebuild and recover inbound travel. Economic benefits associated with it.
Travel has historically produced annual trade surpluses that have meaningfully reduced the US trade deficit. The latest trade data is a wake-up call for urgent federal action to boost this important industry and boost travel exports to benefit the entire US economy. American Travel Association President and CEO Geoff Freeman
The overall U.S. trade deficit in 2015—when travel generated the largest trade surplus—was 18% higher than if it had not been adjusted for travel trade.
Federal policies to increase inbound travel
Federal investment and resources are necessary to restore travel trade gains and meet the Biden administration’s goal of attracting 90 million international visitors and spending $279 billion annually by 2027.
That said, the US Travel Association is calling on the Biden administration to take additional steps to reduce visitor visa (B1/B2) interview wait times, which currently average more than 400 days for first-time applicants in the top 10 visa-seeking domestic markets. .
Other policies, such as ending mandatory vaccinations for international visitors to the United States and addressing issues in the upcoming Federal Aviation Administration reauthorization of the air transportation system, will help create a more seamless travel experience to boost tourism.
It is no coincidence that the industry’s highest trade gains occurred at a time when the federal government made a concerted effort to boost imports.
Freeman added. Facilitating more inbound travel — and effectively reducing the overall trade deficit — should be a top economic priority for the Biden administration.
About the American Travel Association
The US Travel Association is a national, not-for-profit organization representing all components of the travel industry. Travelers in the United States are estimated to spend $1.1 trillion in 2022 (still 10% below 2019 levels). US Travel supports policies to accelerate the travel industry’s equitable recovery and make economic and job growth an important contributor to our nation’s success. Visit ustravel.org for information and recovery-related information.
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