The U.S. currently has a $51 billion travel deficit.
Transcript:
While Americans continue to travel abroad, the number of foreign visitors to the U.S. is plummeting. According to the International Trade Administration, the number of foreigners traveling to the U.S. dropped 10% year-over-year in March — and is down roughly 13% from before the pandemic.
The U.S. currently has a $51 billion travel deficit. That means Americans are spending far more abroad than foreigners do when they visit here. That’s a huge problem considering the U.S. travel and tourism industry brings in more than $1 trillion in direct spending each year.
And that drop is now beginning to affect the air travel industry. United Airlines says it saw a 6% year-over-year drop from travelers coming from Europe to the states, while trips originating in Canada are down 9%. Delta acknowledged it has seen a similar decline.
Global travel and tourism is an $11 trillion industry.
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