Tourism earnings top $ 1.25 b in first four months

Monday, 13 May 2024 02:44 - - {{hitsCtrl.values.hits}}

April earnings at $ 225.7 m reflect 52% YoY growth, highest recorded since 2020

Sri Lanka’s tourism industry has demonstrated a remarkable resurgence, raking in over $ 1.25 billion in revenue during the first four months of 2024, marking a staggering 92% surge compared to the same period last year.

This robust performance not only signals a strong recovery but also highlights the industry’s potential for growth and resilience in the face of adversity.

The acceleration in revenue generation during the first four months is particularly noteworthy, considering that achieving such a milestone took the country seven months in the previous year.

April earnings amounted to $ 225.7 million, reflecting 52.3% increase year-on-year (YoY).

Although, on a month-on-month basis, April earnings experienced a 33% decline, indicative of the industry’s seasonal fluctuations, it remains the highest monthly earnings recorded since 2020.

Despite grappling with challenges stemming from the Easter Sunday attacks in 2019, Sri Lanka’s tourism industry has not only weathered many storms but emerged stronger. The resilience has instilled fresh confidence in the sector’s ability to bounce back and thrive.

Buoyed by ongoing promotional efforts and a renewed focus on safety and visitor satisfaction, Sri Lanka is poised to reclaim its position as a top tourist destination globally. The surge in arrivals, totalling an impressive 784,651 in the first four months of 2024, underscores this optimistic outlook, representing a significant increase from the previous year.

Looking ahead, Sri Lanka Tourism aims to attract 2.3 million visitors and generate over $ 4 billion in income for 2024. As tourism remains a crucial source of foreign exchange earnings for the country, efforts are underway to attract high-end tourists, with plans to increase the average spending per visitor to $ 4,000.

The Sri Lanka Tourism Development Authority (SLTDA) is targeting 2.5 million visitors to spend over $ 500 per day, with a focus on attracting high-spending travelers, who currently constitute a significant portion of tourists visiting the country.

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