Increasing tourism is Mexico’s best chance for earning more foreign exchange, according to Jose Gonzalez Bailo, president of the National Chamber of Commerce of Mexico City.
He said non-petroleum exports cannot be increased fast enough to make up for Mexico’s losses of foreign exchange due to falling world oil prices.
Mexico is expected to lose $7 billion this year in foreign revenue because of lower oil prices. It depends on petroleum sales for about 70% of its foreign earnings.
Gonzalez said Mexico has not taken proper advantage of its proximity to the United States, which produces about 80% of the world’s international tourist traffic.
The government, however, has begun promoting tourism with campaigns in the United States that includes discount air fares and reduced hotel rates to lure tourists to Mexico.