Tuesday, May 28, 2024

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SL becomes a fastest growing travel destination earning US$1.25 billion revenue

By: Staff Writer

May 13, Colombo (LNW): Currently, Sri Lanka is the 5th fastest-growing tourism destination in the world and is all set to achieve even greater and more sustained success in 2024 with tourist arrivals expected to reach dizzying heights.

As per data released via www.travelofpath.com, Sri Lanka ranks behind Tunisia, Mexico, Morocco and the Dominican Republic as the 5th fastest growing tourism destination and on the back of such a milestone, more can be expected from the tiny island nation which has had its fair share of ups and downs in recent times.

Crucially, stakeholders within Sri Lanka’s tourism industry are of the opinion that as many as 4 million tourists will visit the country which will have a significant impact on the local economy.

Furthermore, a huge chunk of the credit must be given to the Ministry of Tourism and the Sri Lanka Tourism Development Authority for their combined efforts taken to enhance the appeal of Sri Lanka towards the latter half of 2023..

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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