Published on : Saturday, November 23, 2019
Balance of payments figures unveiled by the central bank of Taiwan on Wednesday highlighted a net shortfall of US$2.3 billion in tourism service payments in the third quarter of this year, as travel expenditure by Taiwanese going abroad totaled US$5.71 billion because of the rising popularity of outbound tourism.
According to the central bank, both figures hit record quarterly highs.
In the first three quarters of this year, the number of inbound tourist arrivals in Taiwan increased at an average of 10.4 percent, which boosted up tourism revenue of Taiwan and helped in lessening the tourism deficit for the same period of last year, the central bank said.
The tourism deficit shows the difference between the amount of money Taiwanese spend while traveling foreign land and the amount spent by foreign visitors and domestic tourists.
For the third quarter alone, even though the number of inbound travelers kept on growing, contributing US$3.42 billion to Taiwan’s tourism revenue, the shortfall still hit a record level as a result of the peak season for outbound travel.
Besides, record high outbound tourism expenditure in the first three quarters of 2019, travel revenue hit a record high at the same time for the same period, according to the central bank.
In late July, Beijing announced that from Aug. 1 it would shelve a program that permitted individual tourists from 47 Chinese cities to travel to Taiwan and the ban impacted Taiwan’s tourism in the third quarter, according to the central bank.