International tourism during May was the lowest in almost 20 years: 30% drop

International tourism during May was the lowest in almost 20 years: 30% drop
International tourism during May was the lowest in almost 20 years: 30% drop

He National Institute of Statistics and Censuses (INDEC) will reveal its report regarding the international tourism only in July, but seeing numbers in Migrationsa drop in the 30% compared to May of last year: during that month they would have arrived in the country 357,408 tourists living abroad, far from the 510,635 of the fifth month of 2023.

Not only are the results unfavorable for incoming tourism compared to last year, but It would represent the worst result in 17 years, not counting the pandemic period.

This drop would be largely the product of Uruguay and Chilimarking a decrease of more than 50%, while the arrival of tourists from state Joined, Spain and France would represent a drop in 5%.

Currently, the prices are higher and there is a much narrower gap between the official dollar and other types of the same currency. In this way, Argentina does not represent that attraction that it had in recent times, where a large part of tourists took the opportunity to shop.

Argentina expensive in dollars: entry of foreign tourists fell 23% annually in April, what was the impact on BCRA reserves?

Foreign tourism in Argentina collapsed by 23.4% annually in April, according to a report published last Tuesday by INDEC. The impact of the December devaluation on prices in the local economy made the country significantly more expensive and this was reflected in the flow of trips with countries in the region.

According to international tourism statistics, in the fourth month of the year there were approximately 440,100 foreigners who spent at least one night in Argentina, when in the same month last year there had been 574,800.

Half of the arrivals were distributed among people from Brazil, Uruguay and Chile. While in the case of Brazilians there was an increase, For Uruguayans and Chileans, the annual falls were greater than 50%, thus becoming the two countries of origin that most explained the dynamics of incoming tourism in April. For their part, Europeans represented close to 15% of arrivals and showed a higher level compared to 2023.

The increase in the cost of living in Argentina and the lower arrival from South American countries had its correlation in a reduction of US$104 million in the income of foreign currency to the Central Bank for “travel and other card payments” and “passenger transportation”.

In parallel, outbound tourism showed an increase of 31.5% in April, which was the first annual improvement in the Javier Milei era. Uruguay, and fundamentally Chile, were the destination countries that showed the greatest increases, which shows a clear reversal of the flow of travel with these territories.

In terms of dollars, the greater number of trips abroad did not have a significant negative impact on reserves, since the outflow of foreign currency was reduced by US$11 million compared to April 2023.

Source: Ambito

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