International students spend over $40B in US

By Minh Hieu   March 4, 2024 | 03:41 am PT
International students spend over $40B in US
International students at the California Institute of Technology, U.S. Photo from Caltech Fanpage
International students spent over $40.1 billion in the U.S. for the 2022-2023 academic year, up 19% from the previous year, according to NAFSA: Association for International Educators.

This growth marks the second consecutive year of increased spending, encompassing not only tuition fees at higher education institutions but also expenditures on housing, transportation, food, and consumer goods throughout their stay.

"Their contributions to the U.S. economy are significant, and it is encouraging to see an annual increase for the second year in a row," the association said in a press release.

Secretary of State Antony Blinken said in a recorded statement celebrating International Education Week in November 2023: "International education does not just benefit individuals. It is also vital to American diplomacy, to our economic competitiveness, even to our national security."

The U.S. saw over one million international students enrolling in various institutions across the country for the 2022-2023 academic year , marking a 12% increase from the previous year, according to the Open Doors report by the Institute of International Education.

China and India stood as the principal source countries for international students, together constituting nearly 53% of the overall count, as indicated in the report. Chinese students contributed $12.2 billion and Indian students added $7.13 billion to the U.S. economy.

Vietnam, ranking fifth, saw 21,900 of its students contribute approximately $816 million, an 11.6% rise from 2022.

Through their spending, international students also supported 368,333 jobs in 2022-2023 academic year, up 9.8% from the previous year.

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