ECONOMIC ANALYSIS OF INTERNATIONAL TRADE IN PERSONAL AND BUSINESS TRAVEL SERVICES

The world today is facing one of the worst pandemics in modern history. Around the world, financial markets are in serious difficulties, the consequences of which have begun to spill over into the tourism sector. Covid-19 has caused sharp contractions in economic development, reduced mobility and has contacted tourism flows as the international tourist arrivals in most world sub-regions recorded declines from -60% to -70%. The aim of this paper is to analyze the international travel in the field of personal and business travel in the period of 2010-2019 exported to and imported from the Republic of Serbia. The findings show that the international travel for personal purposes has achieved the greatest value over the years, the second place is taken by travel for business purposes, whereas education-related travel achieved the third place. Exported and imported values of the category Travel, Personal and Travel, Business has the highest value of exports and imports from Serbia to European Union (EU 28), with Germany, Greece, Austria and Italy having the highest flows of exported and imported values. In 2020 Asia and the Pacific, was the region to suffer the hardest impact of Covid-19. On the second place there is Europe, followed by the Americas, Africa and the Middle East.