In 2009 the International Monetary Fund (IMF) released the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6), which included a definitional change for ‘travel’ and the trade of travel-related goods and services.
As a result, the Bureau of Economic Analysis (BEA) embarked on a path towards a comprehensive restructuring of the U.S. international economic accounts, the most extensive restructuring since 1976, in an effort to bring our international accounts into closer conformity with international guidelines. In June and October 2014, BEA issued the restructured and revised trade data including new estimates of travel and tourism revising the timeline for travel spending for all world regions and countries from 1999-2013. To learn more, please visit: Travel Exports/Imports: New International Guidelines
Travel Receipts and Payments: These accounts cover purchases of goods and services by U.S. persons Traveling abroad and by international visitors traveling in the United States for business or personal reasons. These goods and services include food, lodging, recreation, gifts, entertainment, local transportation in the country of travel, and other items incidental to a foreign visit. U.S. travel transactions with both Canada and Mexico include border transactions, such as day trips for shopping and sightseeing. For 1999-2013 and into the future, the travel spending will also include receipts from education, medical and temporary worker spending.
Passenger Fare Receipts and Payments: These accounts cover the fares received by U.S. air carriers from international visitors for travel between the United States and foreign countries and between two foreign points, the fares received by U.S. vessel operators for travel on cruise vessels, and the fares paid by U.S. residents to foreign air carriers for travel between the United States and foreign countries.
For more information on the BEA revisions and methodology, go to BEA’s Modernizing BEA’s International Economic Accounts at: https://www.bea.gov/international/comprehensive-restructuring