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Mexico captures 28 billion dollars in foreign currency from international tourism in 2023 – El Financiero

The economic benefit generated by foreigners who arrived in Mexico grew 8.9 percent annually during 2023, which amounted to 28,682 million dollarsan increase of 28.3 percent compared to the 2019 figures, before the pandemic and a new historical maximum for the sector, reported the National Institute of Statistics and Geography (INEGI).

Mexico captured a new historical maximum in the entry of currencies linked to international tourists and exceeded that reported by e lNEGI during 2022which had been the best performance in this area.

Unwillingly, During 2023, the arrival of international tourists reached 42.1 milliona growth of 10 percent annually, but which is still 6.4 percent below pre-pandemic levelswhen the country received 45 million tourists in 2019.

“The arrival of international tourists was a positive performance, double-digit growth in a segment such as tourism and with complicated comparable bases is positive, regardless of the fact that we are still below historical highs,” he said. Brian Rodríguez, analyst for Monex Casa de Bolsa.

The average expenditure of international tourists was 680.4 dollars last yeara drop of 1 percent annually, driven by the exchange rate strength of the peso.

Of the total international tourists who arrived in the country, 22.8 million arrived by air, while 9.1 million arrived aboard a cruise shipan activity that has regained its rhythm.

According to data from the Migration Policy Unit, American tourists continue to be the ones who come to vacation in Mexico the most. In 2023, the number of tourists from the American Union reached 13.5 million, which represented 60 percent of the international travelers who arrived in the country.

During 2023, Canada regained second place that had been lost in the pandemic and sent 2.4 million tourists to Mexico.

While Colombiadespite the bankruptcy of two airlines that connected with Mexico, occupies third place as issuing market of tourists with 735 thousand tourists who vacationed in the country.

During the past year, The arrival of Brazilians fell 25 percent due to the visa requirement for Rio travelers, while British tourists also recorded a 12 percent drop in their income to the country.

Likewise, Mexico had its second best month in terms of international tourist arrivals in the last 60 months. In December, 4.5 million foreigners arrived in the country to vacation at some tourist spota figure that is only surpassed by the 4.7 million international travelers who arrived at national destinations in December 2019.

According to Miguel Torruco, secretary of tourism, The balance of the balance due to international visitors in 2023 was 21,569 million dollarsa growth of almost 3 percent compared to the previous year.

As to Mexican tourists who vacationed abroad, the INEGI reported a figure of 16 millionwhich meant an increase of 16 percent compared to the previous year.

2024 will not be enough for recovery

According to federal government forecasts, 2024 would not be the year of complete recovery in the volume of international tourists that will arrive in Mexico, since It is estimated that only 42.4 million will arrive. The trend of higher total spending and fewer foreign tourists will continue, according to Torruco.

Meanwhile, Rodríguez points out that, although there is a challenge in the domestic tourism market, International travel demand has remained on the rise at the beginning of the yearso greater dynamism is expected in foreign tourism to Mexico.

“Category 1 will allow greater connectivity with the United States“It will allow our country to recover the levels of 45 million in terms of international tourism,” added the analyst.

In 2024 it is estimated that The income of foreign currency from international visitors to Mexico will amount to 31,141 million dollars; and an average expenditure of 1,155.1 dollars by international tourists by air.

In addition; The arrival of 9 million 334 thousand excursionists on cruise ships is expected; that will report a foreign exchange income of 711.9 million dollars.

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