U.S. Travel Trade Deficit Reaches $2 Billion in March As Americans Spend More Abroad :: Hospitality Trends

U.S. Travel Exports Rise Modestly in March 2026

International visitors spent more than $20.3 billion on travel to and tourism-related activities within the United States in March 2026, representing an increase of nearly 2 percent compared to the same month last year, according to data released by the National Travel and Tourism Office (NTTO). At the same time, Americans spent more than $22.3 billion on travel abroad in March, up 3 percent year over year. The imbalance resulted in a $2.0 billion travel and tourism trade deficit for the United States during the month. For the first three months of 2026, international visitors spent nearly $62.8 billion on U.S. travel- and tourism-related goods and services, essentially flat compared with the same period in 2025, down just 0.1 percent year over year. The NTTO estimated that international visitors injected approximately $697 million per day into the U.S. economy during the January through March period.

Travel Spending Remains Largest Export Category

Travel spending remained the largest component of U.S. travel and tourism exports in March. Purchases of travel- and tourism-related goods and services by international visitors totaled $11.0 billion in April 2025, up from $10.6 billion in March 2025, representing growth of more than 4 percent year over year. These expenditures include spending on lodging, food and beverage, local transportation, entertainment, recreation, shopping, and other expenses associated with travel within the United States. Travel receipts accounted for approximately 54 percent of total U.S. travel and tourism exports during March 2026, maintaining their position as the largest contributor to inbound tourism revenues.

Air Passenger Fare Revenue Increases

Passenger fare receipts generated by U.S. airlines from international travelers also posted gains during the month. Fares received by U.S. carriers from international visitors totaled $3.3 billion in March 2026, an increase of more than 7 percent compared to March 2025. These receipts reflect expenditures by foreign residents on international flights operated by U.S. airlines. Passenger fare receipts accounted for approximately 16 percent of total U.S. travel and tourism exports during March.

Education and Medical Travel Decline

Expenditures tied to educational tourism, medical-related travel, and spending by short-term and seasonal workers in the United States declined during the month. Combined spending in these categories totaled $6.0 billion in March 2026, down from $6.4 billion in March 2025, a nearly 6 percent year-over-year decrease. The category accounted for roughly 30 percent of total U.S. travel and tourism exports during the month. The March figures highlight continued resilience in inbound travel spending despite broader economic pressures and slower international visitation growth in some markets. However, outbound spending by U.S. travelers continued to outpace inbound tourism revenues, extending the nation’s travel trade deficit.