Figure 1

US travel-related exports declined throughout most of 2025

Year-over-year change in US receipts from travel spending and air passenger fares

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Source: International Trade Administration, and author's calculations.

Note: Calculations exclude expenditures for educational and health-related purposes and expenditures by border, seasonal, and other short-term workers to better capture travel spending by tourists, though such purchases of goods and services by tourists, though the data does not further disaggregate spending by travelers for business and for personal purposes.