Tourism Industries International Travel and Forecast for the US - Chart #9
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This will start tipping the balance of trade as well. The combined effect of volatile global economic conditions and the increased projected international travel by U.S. residents will start to affect the travel trade surplus we have enjoyed over the past years. In 1998, we produced an $15.3 billion surplus...more money in (receipts) than money spent abroad (payments). This surplus was 36% less than 1997 and is expected to continue into 1999 with another 22% decline to $12 billion. The industry will still be well regarded for helping to offset the merchandise deficit, but just in less strength if these trends keep up.

The status of the surplus particularly shows the story of changes experienced in the receipts side of the equation. Overall, the change in receipts or exports reflected the change in arrivals, both declined by three percent from 1997. This was only the third decline in travel receipts since 1965.

Chart #9 Balance of Trade

Balance of Trade

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