Mexican tourism to the U.S. has declined since President Donald Trump took office, Tourism Economics reports, adding that lost visits this year will total 1.8 million, a 7 percent drop from 2016.
The decline in Mexico-to-U.S. tourism is expected to have a direct economic loss of US$1.1 billion for the U.S. economy, the global research firm adds.
It gets worse.
Tourism Economics also predicts that Mexican tourism to the U.S. will continue to slump in 2018, estimating 2.6 million lost visits for that year. Next year's anticipated slump is expected to result in an economic loss of US$1.6 billion.
Tourism experts attribute the decline in Mexico-to-U.S. travel to Trump's immigration policies. "They don't feel welcome," Edgar Solis, the president of the Metropolitan Assn. of Travel Agencies in Mexico City, told the Los Angeles Times. "In Mexico there's a dislike of the administration and that's created a reduction of passengers to the U.S."
Solis claims, however, the tourism slump is beneficial to Mexico, given that travelers are now flocking to domestic hot spots like Puerto Vallarta, Baja and Chiapas.
Mexican travel association official Cesar Romero also told the Los Angeles Times that there has been a 15-to-20-percent decrease in interest in travel to the United States since Trump took office.
But travel slumps aren't the only phenomena causing massive financial losses for the U.S.
Mexico's National Commission for the Protection and Defense of the Users of Financial Services revealed last month that U.S. banks could lose about US$159 billion because of mass deportations of Mexicans.
CONDUSEF also reported that about 66 percent of Mexican immigrants living in the U.S. have at least one U.S. bank account and transfer about US$292 on average to Mexico every month.
"As there are new immigration policies, financial loss prevention plans are important to consider," CONDUSEF said in a statement. "It is no surprise that there is a high number of deportations of Mexican people. This forces us as authorities to strengthen our coordination in order to address it in a comprehensive manner."Original article