U.S. Achieved Record Travel Exports in August

After dropping slightly in July, U.S. travel exports hit a record monthly high of $15 billion in August, up from $14.8 billion the month prior, according to the U.S. Travel Association, which yesterday released its analysis of the U.S. Department of Commerce’s latest report on international trade.

“Today’s report once again underscores the importance of travel as an export juggernaut for the U.S. economy,” U.S. Travel Senior Vice President of Research and Economics David Huether said in a statement. “While other export growth has slowed significantly in 2013, travel exports continue at a robust pace, which helped the travel industry generate a trade surplus of $4.6 billion in August.”

Through the first eight months of this year, Huether said, travel exports increased 8.5 percent compared with last year. “By comparison, other U.S. exports of goods and services were up just 1.8 percent during the same timeframe,” he continued. “With travel exports growing five times faster than other exports, the travel industry has accounted for 28 percent — more than a quarter — of overall U.S. export growth so far this year.”

According to the Department of Commerce, total August exports were $0.1 billion less than July exports of $189.3 billion. August imports, meanwhile, were virtually unchanged at $228.0 billion, resulting in a goods and services deficit of $38.8 billion, up from $38.6 billion in July.

Said U.S. Commerce Secretary Penny Pritzker, “Today’s data show that exports are on track to set another record this year, and that the auto industry and travel and tourism sector are doing particularly well. While we have more work to do, U.S. exports continue to drive economic growth and support nearly 10 million American jobs. The U.S. Department of Commerce will keep up efforts to help American businesses increase their exports, reach new markets and strengthen the U.S. economy.”