Friday, February 25, 2011

Travel Deficit in Canada Widens in Fourth Quarter

Niagara FallsOne of the most profitable business ventures for a country is tourism. If your country has enough appeal to bring in hundreds of thousands of people or more every year from other places, then you can seriously cash in and keep your economy flowing. The only drawback to that is that some countries can become dependent on tourism and if it gets too expensive or too difficult for people to travel, they will stop and that would put a serious damper on your country's economy.

Canadian travelers were spending their wealth pretty rapidly across the world towards the end of 2010, even more so than foreign tourists were spending money in Canada. However, the federal agency in Canada has stated that the country's travel deficit rose $157 million from the previous three months to total $3.8 billion in the fourth quarter of last year.

Canadian spending in other countries around the world rose 2.4% to total of $7.9 billion during this time with spending from foreign visitors to Canada increasing by 0.7% to total of $4.1 billion. The overall travel deficit for Canada in 2010 was $14.1 billion, an increase of $1.9 billion over the previous year. Canada's travel deficit with the United States rose $130 million to total $2.9 billion in the fourth quarter as well.

Statistics Canada stated that the value of the Canadian dollar rose 2.6% between last year's third and fourth quarters. The Canadian dollar was more valuable than the U.S. dollar as last year ended and remains more valuable as of now. According to Statistics Canada, "This likely contributed to the increase in the number of same-day car trips by Canadian residents to the United States."

Source: - Canadian travel deficit widens in fourth quarter

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