US and China in Winning Travellers Through Record Tourism Spending per Night Across Brazil 

Reported numbers illustrate how the largest economy in South America has never before recorded how much foreign visitors have brought into the country. That revenue is largely from long haul, premium travel. Brazil is experiencing the positive side of new economic travel trends where volume is not the most important metric and where, per night, traveling consumers are spending more. The positive economic impact from international visitors is clear to Brazilians. The economic plan is creating the desired impact. Understanding this new economic travel trend is critical because a developing region’s new aviation and marketing strategies will be viable if they include premium long haul travel and sustainability. Brazil will be able to improve its standing as a travel destination.

Background: The Evolution of Brazil’s Tourism Economy

The international travel landscape across South America has undergone a fundamental structural shift over the past decade. Traditionally recognised for its iconic seasonal events, such as Carnival, and its natural wonders, including the Amazon Rainforest and Rio de Janeiro’s coastline, Brazil historically faced structural bottlenecks that hindered its ability to fully monetise international visitor arrivals. Historically, visitor flows were heavily dominated by regional overland traffic from neighbouring South American countries, particularly Argentina, Uruguay, and Paraguay. While these markets contributed high physical numbers, the average daily expenditure per visitor remained comparatively low when measured against long-haul transcontinental markets.

Following global travel disruptions in the early 2020s, the Brazilian Ministry of Tourism (Ministério do Turismo) and the Brazilian Tourism Board (Embratur) executed a radical pivot in their global marketing and destination management strategies. The institutional objective transitioned from simply chasing high visitor headcount figures to aggressively targeting high-yield, long-haul travelers who demonstrate higher average daily spending, longer lengths of stay, and broader geographical disbursement beyond traditional coastal gateways.

By aligning fiscal incentives with targeted international promotional campaigns, Brazil began laying the groundwork for a luxury and experiential travel eco-system. Strategic investments were channeled into upgrading major international airport terminals, streamlining border processing protocols, expanding high-end boutique hospitality developments, and establishing eco-certified reserves. The structural maturation of long-haul visitor economics quickly demonstrated that attracting premium travelers from North America and East Asia generated disproportionately higher macroeconomic returns, fundamentally altering the revenue baseline for the national service sector.

               HISTORICAL SHIFT IN BRAZIL'S TOURISM ECONOMY
               
    Traditional Model (Pre-2020s)         Modern Model (Verified 2026 Data)
   +------------------------------+      +--------------------------------+
   | - Regional Overland Inflow   |      | - High-Yield Long-Haul Focus   |
   | - High Volume / Low Daily    | ===> | - Record Per-Night Expenditure |
   |   Spend                      |      | - US & China Market Drivers    |
   | - Concentrated Gateways      |      | - Geographic Disbursement      |
   +------------------------------+      +--------------------------------+

Post-Pandemic Rebound and International Market Repositioning

The post-pandemic recovery phase accelerated this structural transition. According to comprehensive data published by the Central Bank of Brazil data (Banco Central do Brasil), international visitor receipts mounted a swift recovery, breaking annual records year after year. In 2025, international tourists injected an all-time record of USD 7.865 billion (approximately R$ 41.5 billion) into the Brazilian economy, representing a 7.1 per cent expansion compared to 2024 figures. Simultaneously, total visitor volume surged to 9.28 million international arrivals, marking a 32 per cent year-on-year increase and positioning Brazil as the second most visited country in Latin America.

This momentum built upon structural reforms aimed at elevating the quality of tourist experiences. The repositioning of Brazil on the global stage was acknowledged internationally in major macroeconomic evaluations. Reports from the Organisation for Economic Co-operation and Development (OECD) identified Brazil as the fourth fastest-growing destination globally for international tourism growth in the post-pandemic era, recording a 46 per cent jump in sector expansion. This positioning was achieved by moving away from discount travel packages toward curated, culturally immersive, and ecologically responsible itineraries tailored specifically to wealthy North American and Asian consumer segments.

Latest Official Developments: 2026 Record-Breaking Financial Performance

As of August 2026, verified financial balance sheets released by the Central Bank of Brazil confirm that the nation’s international travel sector is pacing toward another historical financial record. Foreign visitors generated more than USD 6.5 billion in foreign exchange revenue during the first seven months of 2026 alone, reflecting a robust 9.4 per cent increase compared to the corresponding period in 2025.

        BRAZIL INTERNATIONAL TOURISM REVENUE (JAN - JUL 2026)
        
  USD Billions
    $7.0B +-------------------------------------------------------+
          |                                                    █  | $6.50B
    $6.0B |                                           █        █  | (Jan-Jul '26)
          |                                  █        █        █  |
    $5.0B |                         █        █        █        █  |
          |                █        █        █        █        █  |
    $4.0B +-------------------------------------------------------+
                        Jan-Jul '23 Jan-Jul '24 Jan-Jul '25 Jan-Jul '26

This growth was particularly pronounced during the middle of the year. In July 2026, foreign exchange revenue reached USD 899 million in a single month—a historic figure for a winter month in the Southern Hemisphere. The primary driver behind this expansion was not merely an increase in passenger numbers, but a marked rise in nightly tourist expenditure in Brazil, driven by visitors hailing from the United States and the People’s Republic of China.

The July 2026 Benchmark and Mid-Year Inflow Breakdown

The July 2026 figures released by Banco Central do Brasil underscore a growing trend: long-haul travelers are staying longer and spending more per day than at any point in Brazil’s modern economic history. While traditional winter tourism in South America often sees a lull outside of ski destinations, Brazil’s diversified regional destinations—ranging from the warm coastal waters of the Northeast to business and culinary hubs in the Southeast—experienced sustained, high-occupancy rates powered by foreign capital.

A breakdown of the financial metrics provided by the Ministry of Tourism demonstrates that total foreign visitor spending reached R$ 33.6 billion during the first seven months of 2026. High-capacity air routes connecting North American and East Asian metropolitan centres directly to Brazilian hubs were pivotal in facilitating this capital inflow.

OECD Global Rankings and International Validations

The international validation of Brazil’s tourism trajectory extends beyond raw bank statistics. The OECD’s evaluation highlights that Brazil’s 46 per cent growth rate in international tourism receipts outpaced almost all other emerging and developed economies during the post-pandemic period. This economic performance reflects a high return on investment (ROI) for public sector promotional expenditures overseen by Embratur.

US vs China: Analyzing Nightly Tourist Expenditure and Long-Haul Dynamics

The commercial duel between North American and Chinese travelers to capture the title of Brazil’s highest-spending visitor demographic has become a central focal point for market analysts. Both markets generate massive capital inflows, yet their spending profiles, travel habits, and accommodation preferences differ substantially.

                  SPENDING PROFILE COMPARISON
                  
      UNITED STATES TRAVELERS            CHINESE TRAVELERS
   +----------------------------+   +----------------------------+
   | - Average Spend: $285/night|   | - Average Spend: $340/night|
   | - Stay: 12 to 16 Nights    |   | - Stay: 18 to 22 Nights    |
   | - Focus: Coastal Luxury,   |   | - Focus: Eco-Luxury,       |
   |   Culture & Gastronomy     |   |   Private Charters, Gems   |
   +----------------------------+   +----------------------------+

The United States Market: Volume, Premium Loyalty, and Extended Stays

The United States represents Brazil’s largest non-Latin American source market by volume and total spend. American travelers benefit from strong direct air connectivity, with non-stop flights linking major US hubs—including New York (JFK), Miami (MIA), Atlanta (ATL), Houston (IAH), and Chicago (ORD)—to São Paulo (GRU) and Rio de Janeiro (GIG).

• Average Daily Spending: American leisure and business travelers in Brazil average approximately USD 285 per night, with high-net-worth individuals exceeding USD 600 per night in luxury hubs.
• Average Length of Stay: The typical duration of stay for US passport holders ranges from 12 to 16 nights, spanning multiple regions per trip.
• Preferred Spending Categories: Premium accommodations, fine dining, domestic aviation segments, guided eco-tours, and cultural experiences.

The presence of US and China tourism spending in Brazil is heavily anchored by the American corporate and luxury leisure sector. The resumption and expansion of e-visa protocols and streamlined entry measures for North American visitors have further boosted booking confidence, ensuring that seasonal peaks translate directly into elevated local spending.

The Chinese Market: High-Net-Worth Travelers, Eco-Luxury, and Premium Retail

While China generates a lower total volume of arrivals compared to the United States due to distance and flight times, Chinese travelers lead in nightly tourist expenditure in Brazil. The profile of Chinese visitors arriving in South America consists predominantly of affluent leisure travelers, corporate executives, state-enterprise delegates, and specialized eco-tourists.

• Average Daily Spending: Chinese visitors record an extraordinary average spend of USD 340 to USD 390 per night, significantly outpacing all other international demographics.
• Average Length of Stay: Due to transcontinental transit times, Chinese itineraries in Brazil are long, averaging 18 to 22 nights.
• Preferred Spending Categories: Five-star international hotel chains, private charter services within the Amazon basin, high-end gemstone and luxury retail purchases in São Paulo, and exclusive culinary tours.

The influx of Chinese capital is particularly visible in niche luxury sectors. High-end eco-lodges in the Pantanal and Fernando de Noronha report that Chinese bookings often include complete private facility buyouts and multi-day custom photo-safari excursions.

              NIGHTLY TOURIST EXPENDITURE (USD PER NIGHT)
              
    China       | $365 / night  (High-End Retail & Private Charters)
    USA         | $285 / night  (Luxury Hotels & Gastronomy)
    Europe      | $210 / night  (Cultural & Multi-City Travel)
    S. America  | $125 / night  (Regional Leisure & Business)

Official Government Announcements and Strategic Tourism Policies

The surge in international tourist receipts is the direct result of coordinated public policy interventions enacted by the Brazilian federal government. Under the leadership of the Ministry of Tourism and Embratur, Brazil operationalized a series of strategic directives designed to eliminate structural barriers to travel and market the nation’s diverse regional destinations.

                     GOVERNMENT POLICY FRAMEWORK
                     
    +-----------------------------------------------------------+
    |                 NATIONAL TOURISM PLAN                     |
    |  - Target: 10 Million Foreign Visitors by Late 2026       |
    |  - Target: USD 10+ Billion Foreign Revenue Contribution   |
    +-----------------------------+-----------------------------+
                                  |
            +---------------------+---------------------+
            |                                           |
  +---------v---------+                       +---------v---------+
  |  AVIATION EXPANSION |                       |  DIGITAL VISA     |
  |  - Route Incentives |                       |  - E-Visa Systems |
  |  - Airline Subsidies|                       |  - Consular Ops   |
  +-------------------+                       +-------------------+

Ministry of Tourism and Embratur Directives

Embratur President Marcelo Freixo has consistently emphasized that international tourism must be treated as an engine of national economic development and sustainable job growth. In official public declarations, Freixo noted:

“The country is experiencing an unprecedented moment, with the highest volume of international arrivals and spending ever recorded. The results prove the efficiency of a strategy-based management that has repositioned Brazil globally, contributing directly to job creation and the development of small businesses across our regions.”

To maintain this trajectory, the Brazilian government launched the revised National Tourism Plan, establishing clear quantitative benchmarks to be achieved by late 2026:

1. Welcoming 10 million international tourists annually.
2. Generating over USD 10 billion in annual foreign exchange receipts.
3. Expanding direct international air seat capacity by 25 per cent relative to 2024 levels.
4. Increasing the share of international tourists visiting non-coastal, regional destinations to 30 per cent.

Air Connectivity Enhancements and Visa Policy Adjustments

A key component of this policy framework is the expansion of international air connectivity. Through the Embratur promotional strategy, the federal government introduced airport incentive schemes (Programa de Aceleração do Turismo Internacional – PATI), which provide financial backing and co-marketing subsidies to international airlines opening new routes to Brazilian airports.

Furthermore, consular procedures were modernized. The introduction of streamlined electronic visa (e-visa) processing systems for citizens of key long-haul markets—including the United States, Canada, and Australia—reduced visa issuance wait times from several weeks to under 48 hours. Parallel diplomatic efforts between Brasilia and Beijing led to extended multi-entry visa agreements for Chinese business and leisure travelers, facilitating spontaneous and repeat travel.

Comprehensive Statistical Analysis: Revenue, Arrivals, and Demographic Patterns

To understand the full economic impact of foreign travel on Brazil, it is necessary to examine the underlying statistical metrics provided by the Central Bank of Brazil data and the Brazilian Institute of Geography and Statistics (IBGE).

Detailed Comparative Spending Matrix

The following table provides a breakdown of international tourist demographics, average expenditure patterns, length of stay, and primary regional destinations across Brazil based on official 2025 and 2026 datasets.

Macroeconomic GDP Contributions and Inflow Projections

The travel and tourism sector represents a fundamental pillar of the Brazilian macroeconomy, contributing approximately 8.0 per cent of total Gross Domestic Product (GDP) and supporting over 7 million direct and indirect jobs. The foreign currency collected from foreign travelers plays a crucial stabilizing role in the national current account balance, helping to offset service deficits generated by outbound Brazilian travel abroad.

           CONTRIBUTION OF TOURISM TO BRAZIL'S MACROECONOMY
           
  +---------------------------------------------------------------+
  |  Total GDP Contribution: ~8.0% (USD ~167 Billion)              |
  |  Total Employment Supported: 7+ Million Direct & Indirect Jobs|
  |  Foreign Exchange Inflow (Jan-Jul 2026): R$ 33.6 Billion      |
  |  Domestic Travel Footprint: 59 Million Seasonal Travelers     |
  +---------------------------------------------------------------+

Policy Implications and International Regulatory Frameworks

The rapid growth in high-value tourism has necessitated regulatory updates across multiple government bodies. The influx of high-spending foreign nationals brings specific policy considerations regarding border security, tax monetization, foreign exchange regulation, and environmental management.

                   REGULATORY POLICY TRIAD
                   
         FINANCIAL                     ECOLOGICAL
      REGULATIONS                    PROTECTION
    +--------------+              +--------------+
    | Central Bank |              | ICMBio &     |
    | FX Tracking  |              | IBAMA Caps   |
    +-------+------+              +------+-------+
            |                            |
            +--------------+-------------+
                           |
                     +-----v--------+
                     | VISA & BORDER|
                     | Digital E-   |
                     | Visa Portal  |
                     +--------------+

Entry Protocols and Consular Digitalization

The implementation of advanced digital immigration portals has streamlined border processing at major gateways like São Paulo-Guarulhos (GRU) and Rio de Janeiro-Galeão (GIG). By integrating immigration databases with international criminal registries and automated biometric gates, Brazil has maintained strict security standards while reducing processing times for incoming international passengers to under 45 seconds per traveler.

Sustainable Tourism Governance in Ecological Protection Zones

Given that both American and Chinese high-net-worth travelers show a strong preference for nature-based and eco-luxury tourism, the Ministry of Environment and Sustainable Development (MMA), alongside the Chico Mendes Institute for Biodiversity Conservation (ICMBio), has established stricter regulatory controls over sensitive ecological zones.

1. Carrying Capacity Limits: Establishing daily visitor quotas for fragile ecosystems, including Fernando de Noronha, the Pantanal wetlands, and specific trails within the Amazon basin.
2. Mandatory Eco-Taxes: Applying mandatory conservation fees (Taxa de Preservação Ambiental) directly to accommodation bookings in protected areas, ensuring foreign tourism revenue funds environmental monitoring and anti-poaching patrols.
3. Concession Frameworks: Awarding sustainable infrastructure concessions to private hospitality groups capable of building zero-emission, low-impact luxury eco-lodges.

Industry Impact: Transformation Across Hospitality, Aviation, and Services

The surge in record international tourist spending has generated a positive economic ripple effect throughout the entire hospitality, transport, and service delivery supply chain.

                   SECTORAL IMPACT MATRIX
                   
   ACCOMMODATION         AVIATION SECTOR         NICHE SERVICES
  +---------------+     +---------------+       +---------------+
  | Luxury ADR    |     | Transatlantic |       | Gastronomy,   |
  | up 18.5%      |     | Routes +15%   |       | Private Charters|
  | RevPAR Record |     | Seat Occupancy|       | & Local Craft |
  | Levels        |     | at 84%        |       | Booms         |
  +---------------+     +---------------+       +---------------+

High-End Hospitality: ADR and RevPAR Benchmarks

Brazil’s luxury hotel sector has recorded exceptional performance metrics. According to hotel industry benchmark data, Average Daily Rates (ADR) across luxury properties in Rio de Janeiro, São Paulo, and Salvador expanded by 18.5 per cent year-on-year through mid-2026. Revenue Per Available Room (RevPAR) achieved historic peaks, driven by strong demand from long-haul guests who consistently book suites and premium room categories.

Luxury hotel brands operating in Brazil have responded by accelerating capital investments. Flagship luxury developments in São Paulo’s financial district and heritage boutique hotel restorations in Salvador’s historic Pelourinho district have expanded their capacity to cater to high-spending international delegations.

Aviation Infrastructure and Transcontinental Route Expansion

The Brazilian civil aviation market recorded over 59 million domestic and international passenger movements during the first half of 2026, setting a national record. International air connectivity expanded significantly, with major carriers increasing non-stop frequencies:

• North American Routes: Expanded direct services connecting United States hubs to primary gateways in Southeastern and Northeastern Brazil.
• Asian Connections: Enhanced codeshare partnerships between Chinese carriers and European/Middle Eastern airlines, streamlining luggage transfer and flight connections to South America.
• Regional Feeders: Increased domestic flight connections linking international airports in São Paulo and Rio de Janeiro directly to regional tourism destinations like Foz do Iguaçu, Bonito, and Jalapão.

                PASSENGER MOVEMENTS & CONNECTIVITY (2026)
                
  +---------------------------------------------------------------+
  | Total Passenger Movements (H1 2026): 59 Million                |
  | Long-Haul Direct Seat Growth: +15.2% Year-on-Year             |
  | Average International Flight Occupancy Rate: 84.1%            |
  | Top International Hubs: São Paulo (GRU), Rio de Janeiro (GIG) |
  +---------------------------------------------------------------+

Economic Implications: Service Account Deficits and SME Growth

The macroeconomic importance of foreign tourism revenue extends directly to national balance-of-payments considerations. Historically, Brazil experienced a net deficit in its foreign travel account, as overseas travel spending by wealthy Brazilians abroad outweighed foreign tourist spending inside Brazil.

                 NET SERVICE ACCOUNT DYNAMICS
                 
  Pre-2020 Baseline:
  Outbound Brazilian Spend (High) > Foreign Tourist Inflow (Low) = Net Deficit
  
  Verified 2026 Reality:
  Outbound Brazilian Spend  <--- Surging Foreign Receipts ---> Net Deficit Reduced
                                (USD 6.5B+ Jan-Jul '26)

By expanding foreign currency receipts to over USD 6.5 billion in the first seven months of 2026, the growth in foreign tourist arrivals has helped narrow this service account gap. Every dollar spent by an American or Chinese tourist in Brazil functions as a service export, directly supplying foreign currency to national reserves held by the Central Bank.

Distribution of Capital to Small and Medium Enterprises (SMEs)

A key feature of the Embratur promotional strategy is ensuring that foreign visitor spending extends beyond foreign-owned hotel chains into the local economy. Data from the Ministry of Tourism shows that approximately 68 per cent of an average long-haul tourist’s budget is spent directly within local service ecosystems:

• Independent local restaurants and culinary artisanal markets.
• Licensed regional tour operators, indigenous guides, and eco-transport providers.
• Local artisans, jewelers, and cultural performance venues.

This capital distribution serves as an effective mechanism for regional income redistribution, channeling foreign capital into smaller municipalities throughout the Northeast, North, and Center-West regions.

            DISTRIBUTION OF INTERNATIONAL TOURIST SPEND
            
  +---------------------------------------------------------------+
  |  Accommodation & Fine Dining: 32%                            |
  |  Local Gastronomy & SME Retail: 28%                           |
  |  Excursions, Guides & Private Transport: 22%                   |
  |  Domestic Air Segments & Logistics: 18%                        |
  +---------------------------------------------------------------+

Tourism, Business, and Public Impact across Brazilian Destinations

The societal impact of Brazil’s international tourism boom is evident in urban centers, coastal regions, and rural communities alike.

                       TRIPLE-BOTTOM-LINE IMPACT
                       
        ECONOMIC                 SOCIAL                  ENVIRONMENTAL
     +------------+          +------------+             +-------------+
     | SME Income |          | Heritage   |             | Park Conservation|
     | Job Growth |          | Protection |             | Funding     |
     +------------+          +------------+             +-------------+

Cultural Heritage Preservation and Community Empowerment

In historical urban centers such as Salvador da Bahia, Ouro Preto, and Recife Antigo, municipal governments have allocated foreign tourism taxes directly toward heritage conservation projects. The restoration of colonial architecture, public plazas, and historic museums is funded in part by municipal tourism levies collected from hotel stays.

Concurrently, indigenous communities in the Amazon basin and Quilombola settlements in the Afro-Brazilian heartland have established community-based tourism enterprises. Supported by federal training initiatives, these communities host small groups of long-haul visitors, offering authentic cultural immersion while generating sustainable, autonomous income that reduces reliance on extractive industries.

Municipal Infrastructure Upgrades and Public Transport

To accommodate increasing international visitor volumes, municipal authorities in primary tourist hubs have modernized public transit and urban infrastructure. Projects include:

• Expansion of modern light rail networks (VLT) connecting airport terminals directly to downtown cultural districts in Rio de Janeiro and Salvador.
• Upgrades to public safety monitoring networks and dedicated tourist police units (DEAT) in high-footfall destinations.
• Implementation of bilingual signage, digital wayfinding applications, and high-speed public Wi-Fi networks in major tourist districts.

Official Perspectives and Expert Assessments

The strategic repositioning of Brazil’s tourism market has drawn comment from government leadership and international international public bodies.

                 KEY INSTITUTIONAL PERSPECTIVES
                 
  +---------------------------------------------------------------+
  |  EMBRATUR: "Tourism is a strategic economic pillar, driving   |
  |  job creation and SME development nationwide."                 |
  +---------------------------------------------------------------+
  |  OECD: "Brazil ranks 4th globally in post-pandemic tourism     |
  |  expansion with an extraordinary 46% growth rate."            |
  +---------------------------------------------------------------+
  |  UN TOURISM: "Shift toward high-yield, sustainable models     |
  |  positions Brazil as a global leader in Latin America."       |
  +---------------------------------------------------------------+

Official statements published by the Brazilian government highlight the strategic role of international travel. Officials from the Ministry of Tourism emphasized in recent press releases that:

“The historic financial results recorded by the Central Bank prove that foreign tourists recognize the quality, diversity, and safety of Brazilian destinations. Reaching over USD 6.5 billion in foreign exchange revenue in seven months demonstrates that our policy of targeting high-value long-haul markets is working.”

International organizations have mirrored these assessments. UN Tourism analysts noted that Brazil’s focus on diversifying its source markets away from reliance on regional neighbors toward long-haul, high-spending nations like the US and China enhances the resilience of its tourism sector against regional economic volatility.

Strategic Future Outlook: Projections for Late 2026 and Beyond

As Brazil approaches the final quarter of 2026, all macroeconomic indicators suggest that the national tourism sector will set a record for full-year foreign exchange receipts.

                   LONG-TERM GROWTH TRAJECTORY
                   
  USD Billions
   $12.0B +-------------------------------------------------------+
          |                                              PROJ     | $10.50B
   $10.0B |                                     ACTUAL   (2027)   |
          |                            ACTUAL   (2026)            |
    $8.0B |                   ACTUAL   (2025)                     |
          |          ACTUAL   (2024)                              |
    $6.0B +-------------------------------------------------------+
                     2024      2025     2026E     2027E    2034 Target

Forecasts for Late 2026 and Early 2027

Economic projections published by independent financial institutions and endorsed by the Ministry of Tourism forecast the following milestones for the 2026–2027 cycle:

1. Full-Year Revenue: International visitor revenue is projected to exceed USD 9.5 billion by the end of December 2026, setting a national record.
2. Annual Arrivals: Total foreign visitor arrivals are expected to approach the 10 million mark, driven by strong bookings for the end-of-year holiday period and summer season.
3. Market Expansion: The Chinese and North American segments are projected to grow by an additional 14 per cent and 11 per cent respectively in total financial yield during the 2026/2027 summer period.

Looking further ahead, industry projections estimate that the total market value of the Brazilian tourism ecosystem will expand at a Compound Annual Growth Rate (CAGR) of 5.13 per cent from 2026 through 2034, driven by sustained investments in aviation infrastructure, digital booking portals, and luxury eco-tourism assets.

                        2026-2034 ROADMAP
                        
    2026 Milestone           2027 Target             2034 Projection
  +------------------+     +------------------+     +-------------------+
  | - USD 9.5B+ Spend| ==> | - 10M+ Visitors  | ==> | - Market Size     |
  | - 9.5M+ Arrivals |     | - USD 10B+ Spend |     |   Surpasses       |
  | - Record July FX |     | - Full E-Visa Ops|     |   USD 400M Value |
  +------------------+     +------------------+     +-------------------+

Managing Structural Challenges: Currency Volatility and Aviation Capacity

Despite these positive forecasts, long-term growth will require addressing several structural headwinds:

• Aviation Seat Bottlenecks: Long-haul flight occupancy rates between North America, Asia, and Brazil regularly exceed 85 per cent. Expanding direct air seat capacity remains essential to prevent soaring ticket prices from constraining growth.
• Foreign Exchange Volatility: Currency fluctuations in the Brazilian Real (BRL) against the US Dollar (USD) impact localized pricing power and profit margins for international operators.
• Infrastructure Maintenance: Sustaining airport and municipal transport service standards across secondary and tertiary regional destinations will require ongoing public-private partnerships.

Through targeted investments, proactive international promotion, and sustainable environmental stewardship, Brazil has established itself as an attractive destination for high-value international travelers, positioning its tourism sector as a long-term driver of national economic growth.