Tourists increased trade in services by 14% - BSH: The transport sector earned 59 million euros more
International trade in services has increased by 14% in annual terms, closing the third quarter with a balance of 1.5 billion euros. This trade refers to the exchange of services with other countries, to the growth of which exports of tourism, transport and business services have contributed.
According to official data from the Bank of Albania, the volume of commercial transactions in services increased by about 9% in annual terms. This performance was dictated by the expansion of the commercial volume in travel and transport services, due to the significant increase in the number of foreign visitors to Albania, but also the fulfillment of the tourist offer.
During the second quarter of 2024, the export of travel services has provided the local economy with around 1.9 billion euros. Export of travel services refers to the income a country earns when foreign tourists spend money on services in our country. On the other hand, resident travelers (Albanians and foreigners) have spent 879 million euros on their trips abroad for accommodation, food, tours and transportation as well.
Travel services generate respectively 74% of foreign exchange inflows and about 80% of service category expenditures. In annual terms, the income and expenses of this category increased by about 15% and 13%, respectively. The increase in the number of travelers is the determining factor for this trend.
Other business services resulted in a positive balance of 109 million euros, an annual increase of 30%. The cause of this increase may be the expansion in the types or volume of services offered such as consulting, information technology, financial or legal services. For the second quarter of the year, incoming foreign exchange flows for the Albanian economy under this service category, marked around 145 million euros.
As a result of high incoming flows of foreign and Albanian citizens, especially through the use of airlines, only the transport services sector has earned 59 million euros more during the second quarter of the year.
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