Mexico's Tourism Struggles to Recover, but Foreign Exchange Hits Record High
Mexico's tourism struggles to recover post-pandemic, but foreign exchange hits a record high. Grupo México's market value doubles, Pemex's production soars, and Banamex faces a decline in this Mexican news story.
It's been three long years since the dreaded pandemic descended upon the world, and Mexico's tourism sector is still trying to catch its breath. Despite valiant efforts, tourist arrivals and international visitors have yet to reach pre-pandemic levels. However, there is a glimmer of hope on the horizon: the Ministry of Tourism (Sectur) confirms that foreign exchange income for the first quarter of 2023 has surpassed that of the same period in 2019. A silver lining amidst the clouds, wouldn't you say?
According to the Results of Tourism Activity (Rat), a modest 10.1 million international tourists graced Mexico's shores between January and March this year. Now, that may sound impressive, but hold your sombreros for a moment. Cast your memory back to the first quarter of 2019, and you'll recall a more bountiful figure of 11.1 million international visitors. Yes, there's still ground to cover.
