Mexico, Brazil and Argentina: Strong foreign exchange earnings from tourism revival

RIO DE JANEIRO, BRAZIL – There is probably no other industry more affected by the Covid 19 pandemic than tourism. After a sharp decline in 2020, international travel recovered by just 4% in 2021, according to the World Tourism Organization (UNWTO).

However, as that agency recently reported, tourism activity increased sharply in 2022, indicating better times ahead for the sector.

Although revenues in the travel and tourism market are below pre-crisis levels, according to Statista Mobility Market Outlook, they will increase by more than 60% in Latin America and the Caribbean by 2022.

In Mexico, revenues from bookings of cruises, hotels, vacation rentals, and package tours are expected to reach around US$10 billion, up from US$6.2 billion last year.

With hotel bookings nearly doubling, Brazilian travel and tourism revenues are expected to exceed US$8 billion this year. In Argentina, the main travel destination for Uruguayans, sector revenues is expected to rise 76% by 2021 to a total of nearly US$3.7 billion.

The market is expected to exceed US$2 billion by the end of the year in both Colombia and Chile.