Saudi Arabia posts SAR 50B BoP surplus for travel in 2024

Logo of Ministry of Tourism

Saudi Arabia's Ministry of Tourism stated that the Kingdom achieved its highest-ever balance of payment (BoP) surplus of approximately SAR 50 billion for travel in 2024, compared with a year earlier, driven by a significant increase in spending by international visitors.

 

Spending by inbound tourists reached a record SAR 154 billion in 2024, marking a 17% increase compared to 2023.

 

Travel surplus grew by 8% year-on-year (YoY), the ministry said, citing data from the Saudi Central Bank (SAMA).

 

Travel surplus represents the difference between the spending of inbound and outbound travelers.

 

Spending by outbound tourists reached SAR 104 billion by the end of 2024, up from SAR 89 billion in 2023, as shown in the following table:

 

Travel Item Details in BoP in 2024 (SAR bln)

 

2022

2023

Change

Spending by Inbound Tourists  

94.5

135.0

43%

Spending by Outbound Travelers*

59.7

86.9

46%

Surplus

+34.8

+48.1

38%

*Spending by Saudis and residents in the Kingdom

 

Travel Item Details in BoP since 2016 (SAR bln)

 

Spending by Inbound Tourists  

Spending by Outbound Travelers*

Surplus/Deficit

2016

41.6

62.5

(20.9)

2017

45.2

65.8

(20.6)

2018

51.7

62.4

(10.7)

2019

61.6

56.8

+4.8

2020

15.1

33.2

(18.1)

2021

14.3

45.7

(31.4)

2022

94.5

59.7

+34.8

2023

135.0

88.8

+46.2

2024

153.6

103.8

+49.8

*Spending by Saudis and residents in the Kingdom

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