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Tourism compensates the country’s trade deficit

Mexico City, Mexico — Although 2017 was a year of challenges for tourism, businessmen and industry specialists considered that the importance of the sector has grown within the Mexican economy.

According to data from the Bank of Mexico, from January to October 2017 the surplus of the tourism balance compensated in 78 percent the total trade deficit of the country.

According to experts, the increase in the import of oil has been offset by the surplus of trade in manufactures, coupled with an increase in the arrival of travelers from other countries and the decline in people leaving.

“This reveals the importance of tourism in the country’s accounts. Travelers increased by greater connectivity and promotion in the United States and have not lost much strength as expected by the arrival of Donald Trump,” said Gerardo Herrera, an economist at the Universidad Iberoamericana.

Between January and October of 2017, the surplus of Mexico’s tourism balance increased 14.3 percent compared to the same period a year ago.

For its part, the trade balance, which includes oil, in the first 10 months of 2017 was in a deficit, although 15.7 percent less than what reported in the same period a year earlier.