WASHINGTON, DC – David Huether, senior vice president for research and economics at the US Travel Association, comments on today’s trade data released by the Commerce Department’s Bureau of Economic Analysis:
“Travel exports edged down by $0.3 billion in September to $19.1 billion, but travel imports remained essentially unchanged at $12.4 billion, continuing the healthy travel trade surplus of $6.7 billion.
“Compared to September 2013 travel exports are up 6.9 percent-more than double the 2.4 percent rise in other exports of goods and services over the previous 12 months. Travel exports also account for 9.7 percent of all U.S. exports year-to-date in 2014, and also account for over a fifth (17.3 percent) of the year-to-date increase in exports in 2014 against the first three quarters of 2013.
“In short, travel’s export record is greatly outperforming the rest of the economy at a time when export growth looks to be slowing. If policymakers want to substantively help the U.S. trade balance, there are basic things they can do to bolster the well-performing travel sector, such as reauthorizing Brand USA, expanding the Visa Waiver Program, and continuing to pursue improvements to the Customs entry process.”