International visitors set a new spending record in the United States, injecting a substantial $21.6 billion into the U.S. economy in May 2024. This impressive figure, reported by the National Travel and Tourism Office (NTTO), represents a 16 per cent increase compared to May 2023 and surpasses pre-COVID records set in March 2018.

Notably, monthly U.S. travel and tourism exports have never been higher, signalling a robust recovery and growth in the sector. In contrast, Americans spent nearly $20.5 billion travelling abroad during the same period, resulting in a balance of trade surplus of over $1.1 billion for travel and tourism-related goods and services.

From January to May 2024, international visitors spent approximately $104.9 billion on U.S. travel and tourism-related goods and services, a 17 per cent increase compared to the previous year. On average, international visitors have injected nearly $695 million daily into the U.S. economy year-to-date.

In May 2024, U.S. travel and tourism exports accounted for 23.4 per cent of U.S. services exports and 8.2 per cent of all U.S. exports, both goods and services. This highlights the significant contribution of the travel and tourism industry to the overall U.S. economy.

Composition of Monthly Spending (Travel Exports)

Travel Spending: International visitors’ purchases of travel and tourism-related goods and services in the United States totalled $12.1 billion in May 2024, a 19 percent increase from $10.1 billion in May 2023. These expenditures include food, lodging, recreation, gifts, entertainment, local transportation, and other incidental items. Travel receipts accounted for 56 percent of total U.S. travel and tourism exports in May 2024.

Passenger Fare Receipts: In May 2024, U.S. carriers received $3.5 billion in fares from international visitors, a 13 percent increase from the previous year’s $3.1 billion. These receipts represent expenditures by foreign residents on international flights provided by U.S. air carriers, accounting for 16 percent of total U.S. travel and tourism exports during May.

Medical/Education/Short-Term Worker Spending: Educational and health-related tourism expenditures, along with all expenditures by border, seasonal, and other short-term workers in the United States, totalled $5.9 billion in May 2024, a 12 percent increase from $5.3 billion in May 2023. These categories accounted for 28 percent of total U.S. travel and tourism exports in May 2024.

The record-breaking spending by international visitors underscores the vitality and appeal of the United States as a premier travel destination, significantly benefiting the nation’s economy and solidifying its position in the global tourism market.

Written by: Jason Smith

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