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How does Tourism Revenue affect the Balance of Payments of a national government?
A surplus in the balance of payments is when a nation has an increase in flow of funds from trade and investments coming in than paying out to other countries. Income from tourism increases the flow of funds into the economy from people of other countries. It results in the flow of foreign currency into the country and is a revenue to the country resulting in a favorable balance of payment.
What is the biggest industry in the world?
Tourism is the biggest industry in the world
How do hurricanes affect tourism?
Hurricanes usually drop tourism levels for weeks if not months until the city/region recovers. People also tend to avoid visiting countries during their hurricane seasons.
How much of kenya's income comes from tourism?
Tourism contributes around 10% to Kenya's GDP and is a significant source of foreign exchange earnings for the country. It is a key economic driver and plays a crucial role in supporting livelihoods, employment, and businesses within the tourism industry.
Name some geography books about tourism?
If you need some books for travel guide, you should go to lonely planet. If you are looking for geography books to introduce the history, culture and people, try "People and Place" 2nd Edition. It includes all different countries around the world. Or try to search some books for the country you are planning to visit. It should include more details.
What is the importance of foreign currency generated by the tourism indutry?
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What is the importance of the foreign currency generated by the tourism industry?
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Is tourism an import or export?
Tourism is considered an export because it involves the sale of services provided to visitors from other countries who spend money in the host country. This brings in foreign currency and contributes to the local economy.
How are trade and tourism important to Mexico?
Both provide foreign currency to the economy. International tourism provided USD 12.27 billion while exports provided USD 349.9 billion for 2011.
What social or cultural impact has tourism had on Mexico?
Tourism is one of the most important economic activities in Mexico, as it allows entry of billions in foreign currency while requiring a modest investment to do so.
What are the benefits of international tourism?
The benefits of international tourism is that it generates foreign exchange to the countries in question. It also promotes inter-cultural exchange between individuals of different nationalities.
Disadvantages of domestic tourism?
Domestic tourism does have a few disadvantages. After all countries wont be spending thousands on attracting international tourists right? Here are someInternational tourism brings in foreign currency therefore obviously domestic tourism would mean that there is no foreign currency coming in!Domestic tourists won't spend much as an International tourist would (not inevitably anyways)IT can lead to a two tier system which would segregate the local tourists and international tourists.It could be harmful to the environment just as international tourism - It depends on the type of tourism but for instance taking the example of Mecca and pilgrimages. During the holy month of Ramadan and Eid, Thousands of Muslims visit Mecca which could effect the resources and over production of waste.
Differentiate tourism and business travel?
domestic is like doing really nothing. And International tourism is going around the world or somewhere nice Domestic tourism would be touring one's own country. International tourism is leaving one's country to tour another country. The USA has a huge tourism imbalance. Many more Americans travel to foreign countries than foreigners visiting the USA. Until 2010, our government provided absolutely no advertising money to promote tourism while foreign countries advertise here extensively..
Role of the EU in tourism?
If EU represent EURO currency, the advantage is that in Europe many countries have adopted EU for transactions. Tourists and travellors need not exchange currency.
What does the term 'leakage effect' refer to?
The term leakage effect has to do with tourism and the loss of revenue to other countries. The way a country makes up for leakage is to have hotels in foreign countries.
Why are exchange rates needed?
They are needed because every single countries have a different currency of their money which will be needed by international markets for their goods when they're selling it to another country and it also needed for tourism currency change
Why has these been a growth in tourism in the past 30 years?
With development of infrastructure, growth in tourism in the past 30 years has been phenomenal. Every country has tried to project their trourist destinations with attractive packages before the overseas tourists. Since they pay in foreign currency, tourism play an important role as foreign exchange earner of a country. Arranging trained guides, safety personnel,hotel accomodation etc. are the boosters in growth of tourism for the coming decades.
