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Boeing scraps 2019 financial forecast, halts share buybacks in wake of 737 MAX disaster

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World’s biggest aerospace corporation was forced to pull its full financial forecast for the current year due to unresolved issues surrounding Boeing’s once best-selling 737 MAX aircraft.

Boeing also announced plans to pause share buybacks, citing “a challenging time for our customers, stakeholders and the company.”

“Across the company, we are focused on safety, returning the 737 MAX to service, and earning and re-earning the trust and confidence of customers, regulators and the flying public,” Boeing Chairman and CEO Dennis Muilenburg said in a statement.

The manufacturer had previously posted a report on the first-quarter earnings that managed to fall in line with analysts’ expectations, while its revenue was slightly less than projected. Boeing’s earning per share totaled the expected $3.16 from January through March, while the revenue amounted to $22.92 billion against $22.98 billion forecasted by London-based provider of financial markets data Refinitiv.

Boeing stressed that the previous guidance didn’t reflect the impact of two crashes of the company’s flagship planes, leading to the grounding of all 737 MAX 8 jets by global regulators, lawsuits from some air carriers and a decline in market value.

According to the producer, more than 135 test and production flights of updated software for the 737 MAX have been carried out so far.

Boeing’s bestseller crashed on March 10 not far from the Ethiopian capital of Addis Ababa six minutes after takeoff on the way to Nairobi, Kenya. The tragedy, which killed 157 people, marked the second crash involving the same jet model in less than six months. In October, the same type of aircraft, operated by Indonesia’s Lion Air, crashed in the Java Sea shortly after takeoff, claiming the lives of 189 people.

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Moscow selected to host annual GSMA Mobile 360 Series event

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Eurasia conference, a regional event held as part of the activities of GSMA (Global System for Mobile Communications Association), will be held in Moscow, October 8-9 2019.

The decision to host the event in Moscow was adopted as a result of an active work of the Russian Convention Bureau which provided the proposal for venues, and organized an inspection visit for representatives of the international association.

The event will be held in Moscow for the second time, following the successful launch in 2018 which gathered over 600 attendees from 21 countries and 52% were Director-level and above.

In 2019, the conference and exhibition will bring together over 600 policymakers, regulatory authorities, international organisations, Mobile Network Operators, mobile technology solution providers and broader ICT ecosystem players from Russia, the CIS region and the international market leaders in 5G technology. The event will be held at the Lotte Hotel Moscow.

Anton Kobyakov, Advisor to the President of the Russian Federation, said: “The sphere of mobile and high technologies plays a key role in stimulating economic growth, attracting foreign investments and increasing global competitiveness through development of science and technology. Adding more industries to the list of events organized by the Russian Convention Bureau will not only facilitate the development of corresponding areas of the real economy sector but also help create the image of the country on the international arena as one of the most meaningful players on the market of the event industry.”

Alexey Kalachev, Director of the Russian Convention Bureau, said: “We use various tools of working with international associations as we work to attract various business events to Russia. We are ready to offer universal and customized solutions that will correspond to the needs and expectations of conference organizers of various scale in different industries.”

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Mediterranean Resort & Hotel Real Estate Forum returns to Greece

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Now in its fifth year, the Mediterranean Resort & Hotel Real Estate Forum (MR&H) will return to Greece for the second year in succession this October. The event, hosted by Questex, is dedicated to the investment, development and operation of resorts and hotels within the Mediterranean region. This niche, but highly specialized area, comprises various elements; hotel, residential, marinas, health clubs, children’s activities, retail, sports facilities, F&B, all of which need to be carefully woven together with seamless operation to create a successful resort.

The conference will be held at the Hilton Athens on the 29-31st October 2019. A fitting venue for Hilton’s celebration of 100 years in hospitality and the continuation of the premise that the group was founded on; “travel can make the world a better place”.

The dynamic growth of tourism in Greece continues to boost investment activity throughout the country and throughout the wider Mediterranean region. Speaking at MIPIM last month, Secretary General for Tourism Policy and Development George Tziallas said; “Half of all funding under Greece’s 2016 development law has been channeled into tourism ventures, while more than 400 investment plans have been submitted in the last three years to the tourism ministry for approval.”

This statement is supported by data recently released by Horwath HTL during the International Hotel Investment Forum (IHIF) which revealed Greece is a prime investment opportunity for international hotel chains as only 1.7% of total units currently operate under an international brand. Results from the joint investor sentiment survey from Tranio and IHIF showed Greece listed as one of the European countries that is most attractive for hotel real estate investment.

Stakeholders from leading operators including Thomas Cook, Club Med and Nobu attend the event alongside investors from KSL, Starwood Capital Group and Dolphin Capital all recognizing the value of coming together as a collective to debate, converse and discuss.

Registration for MR&H 2019 is now open and delegate tickets can be purchased at the best value Early Bird rate until the end of May.

Enterprise Greece have pledged their continued support for MR&H and Grigoris Stergioulis, Chairman & CEO at Enterprise Greece said in relation to the ongoing collaboration; “Building on the success of the event last year, the positive working relationship with Questex and the significant opportunities that exist for investors in the Greek hotel market, we’re thrilled to once again partner with MR&H and look forward to welcoming the event to Greece for the second year.”

Alexi Khajavi, Managing Director of EMEA Hospitality + Travel Group, Questex said; “The tourism and hospitality prosperity that Greece is enjoying is leading to significant activity from serious investors and developers. As a conference host, our role is to facilitate these meetings, connections and interactions in an environment that is educational and energizing. With the continued support from Enterprise Greece, Hilton providing the setting, and amongst very encouraging industry data, we’re confident that MR&H will prove to be an event not to be missed for those currently active or keen to do business within the Mediterranean resort and hotel space”.

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Japan’s first domestic passenger plane since 1960s to challenge Boeing and Airbus

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Mitsubishi Aircraft Corporation, an aviation unit of Japanese industrial giant, is planning to start deliveries of Japan’s first domestically-produced passenger plane since the 1960s as soon as next year.

The 88-passenger jet has a flight range of about 2,000 miles, while a smaller variant can fly up to 76 people for about the same distance. The MRJ (Mitsubishi Regional Jet) made its maiden flight in November 2015 with the first deliveries slated for mid-2020.

Mitsubishi Aircraft Corporation initially planned the first deliveries of the jet for 2008. However, the date was pushed back five times due to production difficulties. Orders for the aircraft that once totaled 474 units from US and Japanese carriers have been reportedly reduced to 407 jets so far.

The Japanese conglomerate, a longtime supplier of aircraft components to Boeing, invested over 600 billion yen ($5.36 billion) into MRJ as of March 2018 with another 200 billion yen ($1.8bn) expected to be pumped into the project by the end of 2020. In October, Mitsubishi announced plans to invest an extra 170 billion yen ($1.5bn) in capital into its aircraft unit, canceling 50 billion yen ($446mn) of the debt owed by the division.

The long-anticipated MRJ, which is designed for local air transportation, may become a peer competitor for such mainstays as Canada’s Bombardier, whose C Series regional planes are marketed as the Airbus A220, after the 2017 acquisition of the unit by the European aerospace giant. The Japanese jet is also expected to provide keen competition to Brazil’s Embraer that announced plans to create a joint venture for Embraer’s airliners in 2018.

The newcomers in the sector of regional air service, such as the Russian Sukhoi Superjet-100 and the Chinese Comac ARJ21, which are currently undergoing test flights, may also challenge Airbus and Boeing.

Mitsubishi is currently involved in legal proceedings with Montreal–based Bombardier. In October, the Canadian aircraft manufacturer filed a lawsuit, accusing the Japanese corporation of stealing secret information and causing Bombardier “to suffer irreparable financial loss.”

Mitsubishi counter-sued, saying that the Canadian aircraft producer had violated antitrust regulations through “a multifaceted scheme to expand its power within the regional jet market by impeding the entrance of a new competing aircraft.”

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PM Hotel Group to manage new TownePlace Suites by Marriott in Austin, Texas

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PM Hotel Group, one of the industry’s leading hotel management companies, has been selected to operate the new TownePlace Suites by Marriott in Austin, Texas. This new hotel represents the first TownePlace by Marriott property in the PM Hotel Group portfolio and further expands the company’s relationship with Marriott International.

“We are thrilled to have been selected to manage the TownePlace Suites- Austin, which expands our footprint in Texas,” said Joseph Bojanowski, President of PM Hotel Group. “Austin is a rich and exciting city, and with this new project we are thrilled to be broadening our relationship with another valued ownership group, Scenic Capital Advisors.”

Currently under construction and scheduled to open in October, the 103-room hotel is conveniently located minutes from the Austin International Airport and downtown attractions.

“The south Austin corridor is growing rapidly, and we are excited to bring a new extended-stay Marriott product to a location that is conveniently located to all that Austin has to offer,” said Thomas Chen, Principal of Scenic Capital Advisors. “Expanding our partnership with PM Hotel Group has been tremendously rewarding, and we eagerly anticipate future opportunities.”

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Italian exhibition group launches key words for the 2020 tourism industry

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Active food and wine tourism, the quality of life, the search for beauty and creativity: the combination of ingredients on which tourists increasingly base their choice of vacation will be at the center of the 2019 expo showcase of TTG Experience, SIA Hospitality Design e SUN Beach&Outdoor Style, the three leading expos dedicated to the tourism chain – respectively focused on vacations, the hospitality sector and that of outdoors and beaches – organized by Italian Exhibition Group, being held from Wednesday 9th to Friday 11th October 2019 at Rimini Expo Centre.

The tourist flow scene confirms positive signs from Italy: in the first eleven months of 2018, with 208.5 million nights’ stay by foreign tourists in accommodation facilities (+1.8%), Italy is in second place in Europe, ahead of France (134.7 nights, +5.7%) and behind Spain (287.8 million, -1.6%). In this context, the three expos, with an unequalled offer for the expo sector, will respond precisely to the tourist trade’s requirements.

TTG Travel Experience

The 56th edition of TTG, is a national and international reference point for the Italian offer for tourists and Italian tourism abroad. The most important B2B tourist expo and the one most attended by tourism professionals will host 130 destinations, in a layout divided into three areas – The World, Global Village and Italy – conceived to highlight all the latest in vacation products.

TTG Travel Experience 2019, with two special projects, will intercept the trends that increasingly influence tourists’ choice of destination: the interest in wine and food and that for active vacations.

223 million euros were spent in 2017 by foreign visitors to Italy on food and wine, 70% more than spending in 2013. With the Eatxperience project at TTG Travel Experience 2019, an entire hall will be dedicated to food and wine tourism with a format conceived precisely for trade members: food service in hotels is also among the opportunities to include in travel proposals.

On the other hand, with a high visual impact, the special Be Active project will feature proposals, opportunities and trends for vacations in Italy, where in 2016 18.6% of the tourists indicated sport as the motivation for their vacation.

SIA Hospitality Design

The expo that is a national reference point for the hospitality sector, SIA Hospitality Design, at its 68th edition, boosts its format linked with design and Italian-made products, addressing three issues that are particularly topical for the hospitality sector: Design (design for hospitality will not only be the first focus of SIA, but also the leitmotif of the entire expo); Water: (bathrooms, wellness and swimming pools, as well as services, technology, products, cosmetics and wellness treatment); Taste (the most important food service moments for accommodation facilities: breakfasts and aperitifs). Each project will have a dedicated arena involving professionals, an exhibition and expo areas.

Sun Beach & Outdoor Style

For decades, the b2b expo that is a reference point for the outdoor, beach facility and campsite worlds, SUN Beach&Outdoor Style, at its 37th edition, has focused on two macro sectors: the beach facility world and the campsite and village show world.

Contests are confirmed, in collaboration with Mondo Balneare, Best Beach Bar, Best Design Beach and Best Italian Beach, to award prizes respectively to the best beach facilities from the point of view of food & beverage, architecture and tradition. All the new products and services on the start-up front will be featured at SUNNext, the space dedicated to innovation, in collaboration with Mondo Balneare and CNA Emila-Romagna.

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Date set for the opening of the Vatican secret archives

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On March 2, 2020, Pope Francis will open the secret archives of the pontificate of Pius XII on the Second World War.

The announcement during the audience to the staff of the Vatican secret archives was, “The Church is not afraid of history, indeed it loves it.” And on the reading of the Pontificate, he said: “In the criticisms against Pius XII prejudices and exaggerations.”

Pope Bergoglio’s Tweet from March 4, 2019 said, “I decided that the opening of the Vatican Archives for the Pontificate of Pius XII will take place on March 2, 2020, exactly one year after the eightieth anniversary of Eugene Pacelli’s election to the Soglio di Pietro.”

Thus the Pope in the audience with his superiors, as well as the employees and collaborators of the Vatican Secret Archives, whose “constant and not slight commitment,” said Francesco, “allows me today, in memory of that significant anniversary, to announce my decision  to open to the consultation of researchers the archival documentation pertaining to the Pontificate of Pius XII, until his death, which took place at Castel Gandolfo on 9 October 1958.

Regarding the Pope’s decision, “I assume this decision,” the Pontiff explained, “having heard the opinion of my closest collaborators, with a serene and confident spirit, confident that the serious and objective historical research will be able to evaluate in its right light, with appropriate criticism, moments of exaltation of that Pontiff and, undoubtedly also moments of grave difficulties, of tormented decisions, of human and Christian prudence, which to some may have seemed reticence, and which instead were attempts, humanly even much fought, to keep on, in the periods of more thick darkness and cruelty, the flame of humanitarian initiatives, of hidden but active diplomacy, of hope in possible good hearts’ openings.

“The Church is not afraid of history, on the contrary, she loves it.”

In explaining his decision, the Pope recalled that “the Church is not afraid of history; indeed, loves it and would like to love it more and better, as God loves it! So, with the same confidence as my predecessors, I open and entrust this documentary heritage to researchers.”

“While I thank you again for the work accomplished,” he added to the staff of the Vatican Secret Archives, “I wish you to continue the commitment to assist researchers – scientific and material assistance – and also in the publication of Pacellian sources that will be deemed important, as you have already been doing for some years.”

The Union of Italian Jewish Communities (UCEI) is good to reconstruct the role of the Church during the Holocaust, stating, “We welcome with great appreciation the decision of Pope Bergoglio to open the secret archive related to the figure of Pius XII. It is positive that we want to make this opening, because it will give way to all those that deal with research to access material of unpublished interest to be able to reconstruct with even more clarity the position of the Church also in the period of the Shoah.”

This was underlined by the president of the Union of Italian Jewish Communities, Noemi Di Segni, and also the president of the Jewish community of Rome, Ruth Dureghello, who commented on the news: “The hope now is that we can clarify the role played by Pius XII during the Second World War.”

“Unfortunately we will have to wait for 2020, in a year and a half,” he underlined. “Better late than never. It is positive news from which we hope to obtain clarity on that historical period and on the role played by the Pope.”

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Genting Cruise Lines welcomes Explorer Dream to its fleet

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Genting Cruise Lines welcomed the third member of its Dream Cruises’ fleet with the christening and inaugural homeport deployment of Explorer Dream in Shanghai Wusongkou International Cruise Terminal. Explorer Dream is the first newly-launched cruise ship of the post-recalibration period in the Chinese cruise industry and her arrival also marks Dream Cruises’ debut in Eastern China, with the cruise liner purposely-built and recently renovated for the Asian and Chinese luxury market. Leveraging on the deployment of Explorer Dream, Dream Cruises’ first 200,000-tonne Global Class ship, set to debut in 2021, will also celebrate her inaugural deployment in Shanghai as the largest cruise ship to homeport in the Asia-Pacific.

Honorable guests Mr. Su Ping, Vice Magistrate of Shanghai Baoshan District Government and Mr. Hui Lim, Deputy Chief Executive Officer and Executive Director of Genting Hong Kong were joined by management executives and over 500 guests at the ceremonial launch event. The christening ceremony featured Ms. Grace Chen, the godmother of Explorer Dream and one of the most influential fashion innovators in China. The innovative christening was activated by her magic wand of dreams and aspirations and the spirit of exploration was symbolised by a majestic unicorn that led the iconic Dream Cruises’ mermaid out of the ocean and into a new realm, where she will embark on the quest to discover new horizons across the seas. With the traditional breaking of the champagne bottle against the bow of the ship, Explorer Dream officially begins her journey with Dream Cruises.

“Dream Cruises is the most recognized cruise brand in Southern China due to World Dream being positioned in the dual homeports of Guangzhou and Hong Kong. However, as we all know, the Eastern and North Chinese market is five times larger than the south and Dream Cruises will be building two 204,000 gross ton “Global Class” ships to be launched starting early 2021 in Shanghai and Tianjin to accommodate this market. These two ships, being built in our own shipyards Germany, are also designed to be the most advanced and intelligent cruise ships ever to be constructed,” said Mr. Hui Lim, Deputy Chief Executive Officer and Executive Director of Genting Hong Kong. said, “In order to prepare the foundations and increase Dream Cruises’ brand awareness in East and North China, we are pleased today to welcome “Explorer Dream” in Shanghai as the third ship in our Dream Cruises fleet.”

Explorer Dream is the second cruise ship of Genting Cruise Lines to homeport in Shanghai, made possible by the tremendous support of the Shanghai Baoshan District Government. Mr. Su Ping, Vice Magistrate of Shanghai Baoshan District Government said, “In July 2017, Genting Cruise Lines launched the Golden Sea Route 7-night itinerary in Shanghai, which garnered the Best Itinerary Award during the Shanghai Cruise Tourism Festival. In October 2018, a strategic Memorandum of Understanding was signed between the Baoshan District Government and Genting Cruise Lines to forge a new partnership. Now, the inaugural arrival of Explorer Dream, the newest member of Dream Cruises in Shanghai, will bring forth distinctive and premium cruise travel products to propel the optimal development of the cruise industry in China.”

After the inaugural ceremony, Grace Chen presented a spectacular fashion show at sea aboard the ship. Eighteen models showcased her Voyage collection and walked the runway on the Palace Pool Deck, where guests enjoyed a visual feast inspired by the spirit of exploration and discovery, both of which are the brand essence of Dream Cruises.

Since its launch two years ago, Dream Cruises has garnered numerous accolades for its two cruise ships, Genting Dream which debuted in 2016 and World Dream in 2017, including Star Performer Top Ten Ratings in the Large Resort Category, “Most Popular Family Cruise Brand in China 2018” by Global Times, Top 5 Cruise Lines in the Large/Medium sized cruise ship category by Conde Nast Traveler’s Gold List and more.

Built with German craftsmanship, Explorer Dream measures 268 meters in length and 32 meters in width. She has a total gross tonnage of 75,338 tons, 928 cabins and lower berth capacity of 1,856 passengers. The signature, luxury “ship within a ship” enclave of Dream Cruises – The Palace, provides an unprecedented “True Asian Luxury” experience to discerning travelers in China and Asia, boasting an industry leading staff to guest ratio, a majority of its suites at over 40 square meters, as well as Proprietary Butler Training endorsed by affiliated company Crystal Cruises – The World’s Most Awarded Luxury Cruise Line.

A generous variety of culinary options will also be available to cater for every taste – from inspired Asian flavours to exquisite Western delicacies. Acclaimed Australian Chef Mark Best will extend his influence on to Explorer Dream with his Seafood Grill by Mark Best serving up the ocean’s bounty in a spectacular al fresco setting. Signature Dream dining favorites will also take pride of place on the new ship including Umi Uma for Japanese delights, Silk Road for traditional Chinese fare, Blue Lagoon for Southeast Asian comfort food and Palm Court for informal refreshments and breath-taking views. For adventurous foodies, the all new Mozzarella Ristorante e Pizzeria will tantalize with a modern fusion of classic Italian dishes and pizzas with a Japanese twist.

Guests of Explorer Dream can also enjoy thematic programs on their journeys at sea including “The Connoisseurs Circle” bespoke enrichment program, featuring inspirational talks and events that are especially curated for guests of The Palace, such as a fashion talk by Grace Chen, the godmother of Explorer Dream.

As the fastest cruise ship in Asia, Explorer Dream offers a great variety of itineraries and flexibility. Sailings from Shanghai homeport will take guests on cruises to popular destinations in Japan that range from 3-night to 6-night itineraries, such as the 3-night cruises to Kyoto, Osaka or Kobe, or the 2-night round-trip cruise to Okinawa. In the month of April, when cherry blossoms in Japan are in bloom, guests can enjoy the dazzling floral display on shore, complemented by authentic Japanese experiences on the cruise, such as specialty dishes featuring Japanese Wagyu beef and pork, tuna cutting performances, Yukata trials, poolside festivals and more.

Starting from 1 July, Explorer Dream will begin her homeport deployment in Tianjin with more summer cruise options for family travelers, who will enjoy the renowned stage productions of Kaixin Mahua at sea. Taking the first step to evolve Dream Cruises into “Asia’s Global Cruise Line” by sailing outside Asian waters, in October 2019, Explorer Dream will homeport in Sydney and Auckland where she will embark on a variety of seven-night weekly itineraries to “Down Under” destinations.

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Sea cruise 2019-2020: What is the Italian trend?

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Sea cruising in Italy is starting to grow again, aligning itself with the international trend. This is the message of the president of Cemar Agency Network of Genoa, who presented – during the Seatrade Cruise Global in Miami – the 2019 and 2020 forecasts for the cruise sector in the Italian ports.

An increase of around 7.13% is expected in terms of passengers  (for a total of 11,911,000 of cruise passengers) and a further +7.88% is expected on 2020 with the expectation expected to total up to 13 million passengers.

“I believe that such a positive result must be mainly attributed to the new units that are becoming part of all the most important fleets of cruise ships,” reflects the president, Senesi. In detail, this year, the ships will increase to 4,860 units, while 149 ships will be in transit in Italian sea ports representing 46 shipping companies.

Among the 70 ports involved in cruise traffic, the primacy of Civitavecchia (Italy) will be confirmed in 2019, with 2,567,000 passengers (+5.13% compared to 2018). Venice will follow with 1,544,000 passengers (-1.06%) and Genoa in third place with an excellent result of 1,343,000 passengers (+32.79%).

It will then be the turn of Naples with 1,187,000 (+20.35%), followed by Livorno with 812,000 (+3.29%). The ranking of the top 10 Italian ports closes with Savona, Bari, La Spezia, Palermo, and Messina.

Among the companies that this year will handle the largest number of tourists in Italy’s sea ports, the podium is held by MSC Cruises (3,622,000 passengers), Costa Crociere (2,725,000 pax) and Norwegian Cruise Line (863,000 pax). Looking instead at the Cruise Groups, the first place goes to Carnival Corporation with 4,117,000 passengers, followed by MSC, Royal Caribbean with all its brands (including Silversea) with 2,115,000 pax, and NCL Holding with over 1 million cruise passengers.

The busiest months will be October (1,744,000 passengers and 781 stopovers), June (1,505,000 pax and 614 stopovers), September (1,497,000 pax and 627 stops), and May (1,488,000 pax and 687 stopovers), while the least trafficked will obviously be the winter ones, with February and January in the lead.

“The positive forecasts for the two-year period 2019-2020 must not lead us to lower our guard. Italy is in fact the first cruise destination in the Mediterranean, and thanks to the upcoming new ships being delivered during this two-year period, increasingly green ships, there will be further space for growth. The incognita remain on Venice which to date has not been resolved and which creates strong doubts about future planning for the entire Adriatic,” concluded Senesi.

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Oxford Economics: Brand USA’s marketing initiatives drove record international visitor spending

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Today, Brand USA, the destination marketing organization for the United States, announced that a study by Oxford Economics shows Brand USA’s marketing efforts are generating a high return on investment (ROI) and driving significant incremental international visitation and spend, which is helping to fuel the nation’s economy. The report shows Brand USA has consistently driven strong results over the past six years, including record results in Fiscal Year 2018 (FY2018) for incremental international visitor spending, tax revenues generated, and total economic impact.

Highlights of the study show Brand USA’s marketing efforts in FY2018 alone (October 1, 2017 – September 30, 2018) helped drive:

• 1.13 million incremental international visitors to the USA who spent
• $4.1 billion on travel and fare receipts with U.S. carriers, and generated
• $1.17 billion in federal, state, and local taxes and
• $8.9 billion in total economic impact, and supported
• 52,305 incremental U.S. jobs

The resulting FY2018 marketing ROI was 32:1—meaning that every $1 Brand USA spent on marketing generated $32 in spend by international visitors.

The study also shows that the cumulative results of Brand USA’s marketing efforts over the past six years (FY2013 through FY018) has helped bring:

• 6.6 million incremental visitors to the USA who spent
• $21.8 billion on travel and fare receipts with U.S. carriers, and generated
• $6.2 billion in federal, state, and local taxes, and
• $47.7 billion in total economic impact, which has supported, on average,
• Nearly 52,000 incremental U.S. jobs each year

The six-year results equate to an average marketing ROI of 28:1.

“International visitation is an important driver for the nation’s economy—benefiting a wide range of industries well beyond travel and tourism,” said Christopher L. Thompson, president and CEO of Brand USA.

According to the U.S. Department of Commerce, international travel to the United States is the nation’s top services export and represents 11 percent of all U.S. exports, contributing a $77.4 billion trade surplus.

“The FY2018 ROI study reinforces the effectiveness of our promotional campaigns and how our efforts are supporting communities and employment throughout the country. The United States provides international travelers more value in its diversity of experiences than any other place in the world, and we look forward to continuing to work with our partners to market the USA as the ultimate travel destination,” added Thompson.

Each year, Brand USA deploys a number of market-driven platforms and programs as part of its mission to increase incremental international visitation, spend, and market share for the United States in order to fuel the U.S. economy and enhance the image of the USA with worldwide travelers.

Brand USA also collaborates with federal partners to communicate U.S. visa and entry policies and correct misperceptions about those policies as required by the Travel Promotion Act.

The Oxford Economics study includes an analysis of Brand USA’s work in nine markets – Australia, Brazil, Canada, China, Germany, Japan, South Korea, Mexico, and the United Kingdom—and also considers the organization’s total impact in other international markets where Brand USA’s marketing was active during the year via consumer, trade outreach, and cooperative marketing programs.

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