The exchange rate adds another layer of complexity. The Colombian peso has strengthened by about 20% against the dollar over the past twelve months: on 15 September 2026 it traded at 3,109 pesos per dollar, against 3,906 on the same date in 2025. That strength makes foreign trips cheaper for Colombians but makes the country pricier for those arriving with foreign currency, which helps explain the divergence between the two flows.
Domestic prices do not help either. Annual inflation in August stood at 6.24%, with rises of 9.36% in restaurants and hotels, 5.14% in tourism packages and 4.53% in passenger air transport. For a foreign visitor already contending with a stronger peso, the rising cost of basic services reduces the destination's relative appeal against regional competitors.
Accommodation indicators reflect the strain. In July, hotel occupancy was 50.6%, against 51.9% in the same month of 2025, and real lodging revenue fell 7.4% year on year. The hotel association COTELCO, however, forecasts average occupancy of 61.7% during the October school-break week, a figure that offers some relief as the year draws to a close.
There is also good news. Foreign currency earned from travel and passenger transport reached 5.619 billion dollars in the first half, up 4.9%, of which 4.742 billion came from travel and 877 million from air transport. The sector projects annual revenue close to 12 billion dollars, and ANATO expects the country to move about sixty million air passengers in 2026.
Domestic tourism, however, faces its own barriers. In the first quarter, 52.1% of Colombians who decided not to travel within the country cited economic constraints, and 21% pointed to lack of time. These figures explain why the industry keeps pressing for cheaper transport: if the airfare weighs less on the household budget, families are more likely to choose national destinations.
The debate exposes a tourism-policy dilemma that many countries share. Cutting taxes can stimulate demand and widen the base of travellers, but it means giving up public revenue in the short term. Supporters of the reduction argue that higher traffic would offset part of the loss, while tax authorities tend to be wary of any sweeping cut.
The Colombian case also illustrates how macroeconomic variables shape tourism flows in ways visitors rarely notice. A strong currency can be a sign of economic health and still hurt an export-oriented service sector such as hospitality. Businesses that quote prices in local currency but target foreign customers feel the squeeze first, and many are now reviewing their pricing, packaging and promotional calendars to protect margins without driving demand away.
Colombia comes to this conversation with an important asset: a highly diverse natural and cultural offer and expanding air connectivity. The challenge is to turn that potential into sustained arrivals of foreign visitors without losing price competitiveness. The decision taken on aviation taxation will largely determine the balance between outbound and inbound travel in the years ahead.
