Tourism surpasses oil in national income

By Daniel Juarez Monday, June 20, 2016 comments

cancun jetski

1,109 million dollars more than oil exports and their derivatives!

 

Tourism is taking back the reins and coming full steam ahead this 2016, because according to numbers from the Bank of Mexico, the incoming foreign currency from international tourists summed up 3 thousand and 297 million dollars on the first couple of months of this year, 6.8% more than the same period of 2015. 1,109 million dollars more than oil exports and their derivatives, which totaled around 2 thousand and 188 million on February, a dive of roughly 47.4% in relation to the same period of 2015 and the most severe since 2009.

 

cancun jetski

 

As the saying goes: “Numbers don’t lie”. Although it’s been a while since foreign tourism surpassed oil exports in incomes, last time was 17 years ago in 1999, when the balance favored this industry with 363 million on the first couple of months. Since records started to exist in 1980, tourism has never had more income than oil companies for more than a thousand million dollars.  

 

More and more foreign tourists are turning their heads to Mexico due to the peso devaluation, cause the ever-flowing foreign currency exchange rate is crucial for the increase of international tourism”, explained Alejandro Cervantes, senior economist of Banorte.

 

oil industry

 

On the other hand, oil barrel prices averaged around 24.03 dollars between January and February, 45% or 19.50 dollars less than in 2015’s. Cervantes forecast that foreign tourism could bring a lot more money than oil companies on the rest of the semester, but things could turn around on the second half of 2016 too.

 

¿Which remains as one of the strongest incomes of the country? Foreign currency sources; exports of manufactures represent the main source of foreign currency for Mexico, summed up the total of this is 48 thousand 273 million dollars on the first couple of months; 35% come from automobile companies.