In May 2012, total exports of U.S. goods and services increased 0.2 percent to $183.1 billion, with a record $52.4 billion in total services exports, the U.S. Department of Commerce announced yesterday. Helping set that record, the U.S. Travel Association pointed out, was the travel industry, as travel exports increased by $60 million in May — three times the increase of overall goods exports — and accounted for 17 percent of the increase in total exports.
"The growth in travel exports continues to assist in narrowing the nation's international trade deficit," said U.S. Travel Association Senior Vice President of Economics and Research David Huether. "Through the first five months of the year, travel exports increased 12 percent from the same period in 2011, double the 6 percent increase of overall exports."
Although the upturn in travel exports in May was "welcome," according to Huether, the increase was slight compared to larger increases in the first quarter — most likely reflecting economic troubles in Europe. To avoid further declines, he said, the nation must pass legislation expanding international visitation to the United States.
"The latest Commerce report underscores the need to enact legislation, such as the JOLT Act, to increase international travel to the United States," Huether continued. "Travel has proven itself to be one of the key drivers to our nation's economic recovery. Streamlining the visa process, expanding the visa waiver program and improving the entry process will create much-needed American jobs and contribute billions to the U.S. economy."