Tourism earnings top $ 2.5 b mark by October

Monday, 11 November 2024 04:21 - - {{hitsCtrl.values.hits}}

Earnings from tourism crossed the $ 2.5 billion mark by end October, reflecting a high 59% Year-on-Year (YoY) increase, though down by 28% from the best performing benchmark year of 2018.

The Central Bank on Friday announced October 2024 earnings at $ 185.6 million, up 36% YoY, but only marginally from $ 181 million achieved in September. First 10 months’ earnings amounted to $ 2.53 billion, on the back of 1.62 million tourist arrivals, up 44% YoY. In October, there were 135,907 tourists.

February remains the high for monthly tourism earnings for 2024, with $ 375.7 million from 218,350 tourist arrivals.

As per industry sources, tourism continues to play a crucial role in Sri Lanka’s economy, contributing around 10% of the country’s GDP. As a net foreign exchange earner with minimal currency outflow for inputs, the sector holds significant value for a country working to stabilise its economy.

To capitalise on this momentum, the Sri Lanka Tourism Development Authority (SLTDA) aims to attract 2 million visitors by the year’s end and hopes to push annual earnings above $ 3 billion. However, with only two months remaining, the industry will need to draw 350,000 additional visitors and secure nearly $ 470 million in earnings to meet these goals.

Looking to the future, Sri Lanka Tourism envisions an even greater role in the economy, with aspirations to grow annual revenues to $ 8.5 billion and draw 5 million travellers by 2030.

The Hotels Association of Sri Lanka (THASL) and the Sri Lanka Association of Inbound Tour Operators (SLAITO) have urged President Anura Kumara Dissanayake to prioritise the implementation of the global promotional campaign to boost awareness of the country as a premier tourist destination.

As 2024 progresses, the Government’s collaboration with the private sector remains critical. Tourism is positioned as a 100% private sector-driven industry, thus the sector’s champions are optimistic that the right policy environment could enable further growth.