Question
Here is the question : WHAT IS THE TOP SERVICE EXPORT FROM THE U.S.?
Option
Here is the option for the question :
- License fees
- Financial services
- Personal travel
- Business travel
The Answer:
And, the answer for the the question is :
Explanation:
The United States’ primary service export is tourism, which includes all services offered to foreign visitors and businesses. 25% of the country’s service exports are made up of leisure travel, while the figure is 7% overall. The export of services of all kinds, including business, professional, and technical, comes in at number two.
Personal travel is the top service export from the United States, with an estimated value of over $200 billion annually. This includes spending by foreign visitors on items such as airfare, lodging, food, and entertainment. The U.S. is a popular destination for tourists from around the world, and the personal travel industry plays an important role in the country’s economy.
One of the reasons why personal travel is such a significant export for the U.S. is its diverse range of attractions and destinations. From the bright lights of New York City to the natural beauty of the Grand Canyon, the U.S. has something for everyone. Visitors can also enjoy a wide range of experiences, from shopping and dining to outdoor activities like hiking, skiing, and surfing. This diversity of attractions and experiences makes the U.S. a popular destination for tourists from around the world.
Another reason why personal travel is such an important export for the U.S. is the high level of spending by foreign visitors. According to the U.S. Travel Association, international visitors to the U.S. spent an average of $4,400 per trip in 2019. This spending supports a wide range of industries, from airlines and hotels to restaurants and souvenir shops. In addition, the personal travel industry creates jobs in these industries and in related fields such as transportation and entertainment.
However, the COVID-19 pandemic has had a significant impact on the personal travel industry in the U.S. In 2020, international travel to the U.S. declined by 76%, and the total number of visitors to the country fell by 62%. This has had a devastating impact on many businesses in the travel and tourism sector, and it remains to be seen how quickly the industry will recover.
the personal travel industry faces other challenges as well. These include concerns about the environmental impact of travel, the need for infrastructure improvements, and the rise of competition from other destinations around the world. Despite these challenges, however, the U.S. personal travel industry is likely to remain an important export for the country in the years to come.
personal travel is the top service export from the United States, and it plays an important role in the country’s economy. The diversity of attractions and experiences in the U.S. makes it a popular destination for tourists from around the world, and the high level of spending by foreign visitors supports a wide range of industries. While the COVID-19 pandemic has had a significant impact on the personal travel industry, it is likely to recover in the future, and continue to be an important source of income and jobs for the U.S. economy.