“Exports From International Tourism Rise To US$ 1.5 Trillion In 2014”

WORLD Tourism Organization, UNWTO has released an updated global report showing tourism as top income gainer worldwide.
In a release published in April by UNWTO, International tourism receipts including international passenger and transport hits US$ 1.5 trillion in 2014.

The receipt has increased by US$ 48 billion in 2014 to reach a record US$ 1,245 billion. An additional US$ 221 billion was generated from international passenger transport, bringing total exports from international tourism up to US$ 1.5 trillion.

Receipts from international visitors spending on accommodation, food and drink, entertainment, shopping and other services and goods reached an estimated US$ 1,245 billion (euro 937 billion) in 2014, an increase of 3.7 percent in real terms (taking into account exchange rate fluctuations and inflation). International tourist arrivals increased by 4.4 percent in 2014, reaching a total 1,135 million, up from 1,087 million in 2013.

Aside from international tourism receipts (the travel item of the Balance of Payment), tourism also generates export earnings through international passenger transport services (rendered to non-residents). The latter amounted to an estimated US$ 221 billion in 2014, bringing total exports from international tourism up to US$ 1.5 trillion, or US$ 4 billion a day on average.

“International tourism is an increasingly significant component of international trade as seen in export earnings from international tourism and passenger transport, which reached US$ 1.5 trillion in 2014” said UNWTO Secretary-General, Taleb Rifai.

“In a scenario with decreasing commodity prices, spending on international tourism grew significantly in 2014, proving the sector’s capacity to stimulate economic growth, boost exports and create jobs,” he added.

International tourism (travel and passenger transport) represents 30 percent of the world’s exports of services and 6 percent of overall exports of goods and services. As a worldwide export category, tourism ranks fourth after fuels, chemicals and food, ranking first in many developing countries.

The report also shows that International tourism receipts grew in all regions. Europe, which accounts for 41 percent of worldwide international tourism receipts, saw an increase in tourism earnings in absolute terms of US$ 17 billion to US$ 509 billion (euro 383 billion). Asia and the Pacific (30 percent share) saw an increase of US$ 16 billion, reaching US$ 377 billion (euro 284 bn). In the Americas, (22 percent share), receipts increased by US$ 10 billion to a total of US$ 274 billion (euro 206 bn). In the Middle East, (4 percent share) tourism receipts increased by an estimated US$ 4 billion to US$ 49 billion (euro 37 bn) and in Africa (3 percent share) by US$ 1 billion to US$ 36 billion (euro 27 bn).

By sub-region, Northern Europe, Southern and Mediterranean Europe, North-East Asia, Oceania, South Asia, Caribbean, Central America, South America and the Middle East showed fastest growth in relative terms, all recording +5 percent or over in receipts.

Top earners are China and the United Kingdom for both countries rose to top ten in 2014. In the top ten ranking by tourism earnings, China climbed from 5th to 3rd place following a 10 percent increase in earnings to US$ 57 billion in 2014. The United States (US$ 177 billion) and Spain (US$ 65 billion) maintained first and second positions in the ranking.