The boom in overseas tourism among Chinese people has created the largest tourism deficit in history | Financial Focus | Sankei

Chinese exportsSightseeingThe huge craze actually caused Taiwan to have the largest tourism revenue and expenditure deficit in history. The Central Bank of China announced the latest international balance of payments today. In terms of tourism, there was an upsurge in Chinese people going abroad after the epidemic in the third quarter. However, the number of overseas tourists to Taiwan did not return to pre-epidemic levels. Therefore, the tourism balance in the third quarter had a deficit of 26.74%. billion, setting a record for the highest single-quarter tourism deficit in history.

central bankStatistics show that travel income was 2.457 billion U.S. dollars, expenditure was 5.131 billion U.S. dollars, and the deficit was 2.674 billion U.S. dollars. The income has hit a new single-quarter high since the first quarter of 2020. Although the expenditure is a new high since the fourth quarter of 2019, it means that it has also slowed down after the epidemic. It is recovering slowly, but it still cannot keep up with the speed of Chinese people traveling abroad.

The export tourism boom among Chinese people is most significant in Japan. However, relevant statistics recently pointed out that although many Chinese people go to Japan for sightseeing, the number of Japanese tourists visiting Taiwan is relatively small. This is mainly because the continued depreciation of the yen has increased the burden of Japanese people going abroad, including the price of goods in Taiwan. And the level of tourism consumption has also made the Japanese people think that it has become more expensive, reducing the incentive to come to Taiwan. Now it is directly reflected in the statistics of the central bank, creating the largest single-quarter tourism revenue and expenditure deficit in history.

Cao Tiren, deputy director of the Economic Research Department of the Central Bank, said that although the number of Chinese people going out has slowly returned to pre-epidemic levels, the number of outsiders entering Taiwan has not yet reached pre-epidemic levels. Therefore, the tourism revenue and expenditure deficit has hit a record high. We will see what happens next. Return to the previous situation. The central bank also quoted statistics and pointed out that most of the previous quarterly deficits were around 1 billion to 2 billion, of which the third quarter of 2019 was 2.289 billion U.S. dollars, which was a relatively high level. This time, the deficit level exceeded that of 2019. record in the third quarter of the year.

Regarding the number of people going abroad, the central bank cited statistics and pointed out that the number of foreigners coming to Taiwan in the first quarter of this year was 1.11 million, the second quarter was 1.58 million, and the third quarter was 1.67 million. The number of Chinese people going abroad in the first to third quarter of this year was 2.09 million, 2.84 million, 3.5 million.

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