International Tourism Brings Record Revenues

News in Asia
International Tourism Brings Record Revenues

A new report from the World Tourism Organisation (UNWTO) unveils record revenues generated by international tourism. In 2018, international tourism exports reached USD1.7 trillion, some 4% more than during the previous year.

It is already the seventh year in a row with tourism exports growing at a higher rate than merchandise exports. This trend reflects stable demand for international travel in an overall robust economic environment.

Many source markets around the world demonstrate solid growth in outbound travel thus fuelling the rise in exports generated by international tourism. In total, international tourism revenues account for 29% of global service exports and 7% of overall exports of goods and services. It means that international tourism is now firmly among the top three economic sectors in the world yeilding only to chemical manufacturing and the fuel industry. It has already outrun the food and automotive industries.

The UNWTO report shows that it is not only advanced economies that benefit from tourism. Rising tourism income helps emerging destinations to keep afloat, too, as revenues from international tourism translate into jobs and support local economies.

The biggest world tourism spenders are Chinese: in 2018, the country reported USD277 billion in international tourism expenditure. By regions, it is Central and Eastern Europe and North-East Asia that were the subregions showing the strongest growth accounting to 9%. Asia and the Pacific is a close runner-up with 7% increase in international tourism revenue.

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