Spending by foreign visitors in the United States, including fares on U.S. airlines, is considered an export for purposes of U.S. gross domestic product, while spending by U.S. citizens in foreign countries and on foreign airlines is considered an import.
Both types of travel spending were hit hard by the pandemic but surpassed pre-pandemic levels in 2024. However, prior to the pandemic, spending by foreign visitors was generally higher than U.S. citizens’ spending in foreign countries — creating a positive trade balance — but the spending levels have been very close since 2021. This may reflect the stronger U.S. economic recovery that gave U.S. citizens more discretionary income.
Link to Printable PDF: 2025 07 July Newsletter
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