Tourism and the United States balance of payments

Abstract

The economic benefits flowing from tourism have been largely ignored by the United States until recently. The pre‐occupation with the large, persistent annual balance‐of‐payments deficits has led American economists to examine all components of our international accounts. Tourism, it has been found, has been a major contributor to the outflow of dollars. To correct this imbalance both positive and negative proposals have been set forth. My contention is that the American economy has more to gain by attracting foreign visitors and their foreign exchange than by restricting foreign travel of American citizens. If the United States economy is to benefit from tourism promotion it can learn from the experience of other countries, such as Italy, which have successfully exploited their natural and historical wonders. A positive step taken by the United States has been the establishment of the United States Travel Service in 1961. This agency must be credited with the great strides already made in foreign tourism. In 1964, the United States welcomed over one million tourists from overseas for the first time.

Citation

Santoro, V. (1967), "Tourism and the United States balance of payments", The Tourist Review, Vol. 22 No. 1, pp. 28-32. https://doi.org/10.1108/eb057571