Developments in the balance of travel services: March 2021

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Developments in the balance of travel services: March 2021 24/05/2021 - Press Releases

Balance of travel services

Based on provisional data, the balance of travel services in March 2021 showed a surplus of €9 million, down from a surplus of €33 million, in March 2020. More specifically, travel receipts in March 2021 fell by 63.0% to €34 million, from €92 million in March 2020, while travel payments also decreased by 58.2% (March 2021: €25 million, March 2020: €59 million). The fall in travel receipts resulted from a 75.9% decline in inbound traveller flows, although the average expenditure per trip rose by 55.7%. Net receipts from travel services offset 0.4% of the goods deficit and contributed by 3.3% to total net receipts from services.

In January-March 2021, the balance of travel services showed a surplus of €19 million, down from a surplus of €201 million in the corresponding period of 2020. Travel receipts fell by €511 million or 86.1% to €83 million, while travel payments also decreased by €329 million or 83.8% to €64 million. The fall in travel receipts resulted from an 85.2% decline in inbound traveller flows and a 5.6% decrease in average expenditure per trip. Net receipts from travel services offset 0.4% of the goods deficit and contributed by 2.4% to total net receipts from services.

Travel receipts

In March 2021, as mentioned previously, travel receipts declined by 63.0% year-on-year. In more detail, receipts from residents of EU27 countries fell by 66.1% to €15 million, while receipts from outside the EU27 decreased by 59.0% (March 2021: €19 million, March 2020: €46 million). The drop in receipts from within the EU27 were due to decreases in receipts from euro area residents by 59.5% to €12 million (March 2020: €30 million) and in receipts from residents of non-euro area EU27 countries by 80.3% to €3 million. Among major countries of origin, receipts from Germany fell by 31.2% to €4 million and receipts from France decreased by 76.1% to €1 million. Turning to non-EU27 countries, receipts from the United Kingdom dropped by 58.9% to €2 million and receipts from the United States decreased by 90.6% to €1 million. Receipts from Russia also decreased, by 98.3% to less than €1 million.

In January-March 2021, travel receipts decreased by 86.1% year-on-year to €83 million. This development was driven by an 82.0% decline in receipts from residents of EU27 countries, which fell to €42 million, and by an 88.6% drop in receipts from residents of non-EU27 countries to €41 million. In greater detail, receipts from euro area residents decreased by 84.3% to €30 million, while receipts from residents of non-euro area EU27 countries fell by 71.6% to €12 million. In particular, receipts from Germany dropped by 74.5% to €13 million and receipts from France fell by 83.5% to €3 million. Turning to non-EU27 countries, receipts from the United Kingdom fell by 90.4% to €5 million, while receipts from the United States decreased by 97.9% to €1 million. Receipts from Russia also decreased, by 98.5% to less than €1 million.

Inbound traveller flows[1]

The number of inbound travellers in March 2021 fell by 75.9% year-on-year to 99 thousand. Specifically, traveller flows through airports declined by 77.7% and traveller flows through road border-crossing points fell by 80.8%. This overall decrease was due to lower traveller flows from both within the EU27 (down 76.1%) and outside the EU27 (down 75.7%). In further detail, the number of travellers from within the euro area fell by 64.0% to 31 thousand, while travellers from non-euro area EU27 countries fell by 82.7% (March 2021: 27 thousand, March 2020: 157 thousand). In particular, the number of travellers from Germany decreased by 49.2% to 10 thousand, while travellers from France also fell by 78.7% to 3 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom fell by 62.7% to 6 thousand, while the number of travellers from the United States dropped by 94.2% to one thousand and from Russia by 97.8% to less than one thousand.

In January-March 2021, the number of inbound travellers fell by 85.2% to 271 thousand (January-March 2020: 1,828 thousand). Specifically, traveller flows through airports declined by 87.9% and traveller flows through road border-crossing points fell by 85.8%. In the period under review, travellers from within the EU27 dropped by 82.3% year-on-year to 159 thousand, while travellers from outside the EU27 decreased by 87.9% to 112 thousand. The number of travellers from within the euro area fell by 80.6%, while travellers from non-euro area EU27 countries dropped by 84.3%. Specifically, the number of travellers from Germany fell by 72.0% to 37 thousand, while travellers from France decreased by 74.9% to 9 thousand. Turning to non-EU27 countries, the number of travellers from the United Kingdom fell by 87.0% to 15 thousand, while the number of travellers from the United States dropped by 97.1% to 3 thousand and from Russia by 97.4% to less than one thousand.

Note: The next Press Release on 'Developments in the balance of travel services' for April 2021 will be published on 22 June 2021, in accordance with the Advance release calendar posted on the Bank of Greece website.

[1]Inbound traveller flows exclude cruise passengers (other than those recorded in the Border Survey).