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Travel and Tourism Market in Colombia to be Fuelled by Increasing Inbound Tourism

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Published on : Jul 22, 2016

ALBANY, New York, July 22, 2016: A new report added to the vast database of ResearchMoz.us offers an overview of travel and tourism in Colombia. The report, titled ‘Travel and Tourism in Colombia to 2020,’ highlights the major factors creating a potential for ecotourism in Colombia. Thanks to its varied and rich geography and ecology, including diverse ecosystems such as the Andes, the Amazon rainforest, Caribbean islands and beaches, the Llanos, and the La Guajira desert, Colombia has become a popular center for ecotourism.

The report features an overview of the factors responsible for the growth of the travel and tourism sector in Colombia. The study also highlights the current figures concerning outbound trips, domestic trips, and international arrivals. A detailed understanding of the expenditure patterns, tourism flows, and the airlines, car rental, hotels, and travel industries in Colombia is presented in the report. 

As per the findings of the report, the Colombian travel and tourism sector registered strong growth in 2015. The growth rate of inbound tourism shifted from 8.2% in 2013 to 7.4% in 2014; however, it recorded an extraordinary growth rate of 16.3% in 2015 owing to the improved safety situation in Colombia. In June 2016, a ceasefire agreement was signed between FARC and the Colombian government to end their 50-year conflict. This is projected to benefit travel and tourism in Colombia immensely. 

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International arrivals in Colombia stood at 2.3 million in 2015 and are expected to reach 3.2 million by 2020, progressing at a 6.70% CAGR from 2016 to 2020. Outbound trips are projected to reach 5.1 mn by 2020. In 2015, a fall in outbound trips and expenditure was recorded at a rate of 1.3% and -0.6%, respectively. Domestic trips are anticipated to reach 32.6 mn by 2020, growing at an annual rate of 5.7%. However, the devaluation of the Colombian currency is projected to affect international departures during the period between 2016 and 2020. The weak domestic currency will force Colombians to prefer domestic trips over international trips, predict analysts. 

The Colombian government is planning to excuse foreign travelers from the 16% VAT that is applicable to tourism services in Colombia. In February 2016, Colombian President Juan Manuel Santos announced in a tourist fair that VAT will be no longer applicable to foreigners visiting Colombia or those availing health tourism packages. With this, travel agents can expect a rise in the sales of travel and tourism packages. This is expected to benefit travel and tourism in Colombia, predict the report’s authors.  

The analysts have also highlighted a few challenges restricting the growth of the travel and tourism sector in Colombia. According to the report, congestion at Colombia’s largest airport, El Dorado, in Bogota, is the biggest challenge. The El Dorado airport was built to handle approximately 15 to 17 million passengers every year; however, in 2015, the count of yearly passengers had reached 30 million. In the coming years, the number is expected to increase further, which is a major challenge for the airport authorities. To solve this issue, the government has planned to invest US$375 mn to build another airport, called El Dorado II, by 2021. This is expected to be a major boost to the travel and tourism sector in Colombia in the coming years.

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