Saudi Arabia records record surplus of 49.8 billion riyals in travel category of balance of payments during 2024

Preliminary data from the travel item in Saudi Arabia’s balance of payments for the year 2024, released by the Saudi Central Bank, revealed a surplus in the travel item worth approximately 49.8 billion riyals. This marks a growth of around 7.8% compared to 2023, driven by an increase in spending by foreign visitors to the Kingdom by about 13.8% compared to 2023. Visitor spending in the Kingdom in 2024 reached about 153.6 billion riyals, representing a new record and a success in the tourism sector for 2024.

The Ministry of Tourism explained that the significant growth in the surplus of the travel item within the balance of payments in 2024 is a result of the efforts made by the ministry and other components of the Saudi tourism system to enhance the tourism sector and contribute to the growth of the national economy. This growth also highlights the effectiveness of the efforts made by the tourism system to lead the sector to global leadership through the application of best practices in tourism development, enhancing tourism services and products, as well as continuous collaboration with all government entities to support the development of the tourism sector in the Kingdom and achieve the targets of Vision 2030.