World spends US$1.4 trillion on international travel

THE INTERNATIONAL travel and tourism industry is now worth US$1.4 trillion, the UN has revealed.

According to the latest data from the UN’s World Tourism Organization (UNWTO), the world’s destinations generated US$1.23 trillion in income from international travellers in 2015, comprising accommodation, food and drink, entertainment, shopping and other services. This marks an increase of 3.6% year-on-year, and when added to the US$210 billion spent by international travellers on transport services, the total value of tourism exports last year rises to US$1.4 trillion, or US$4 billion a day on average.

‘Tourism is today a major category of international trade in services,’ said UNWTO secretary-general Taleb Rifai. ‘Despite a weak and slow economic recovery, spending on international tourism grew significantly in 2015, proving the sector’s relevance in stimulating economic growth, boosting exports, and creating jobs for an increasing number of economies worldwide.’

International tourism is now the world’s third-largest industry in terms of value, behind fuels and chemicals.

Growth in tourism revenues was steady across the world’s regions in 2015, with Asia Pacific, the Americas and Middle East increasing 4%, Europe growing 3%, and Africa increasing 2%.


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