Saudi Arabia records highest travel surplus in balance of payments in H1 2023

The Ministry of Tourism revealed that Saudi Arabia reported the highest-ever semi-annual surplus for the travel item in the balance of payments (BOP) during the first half of 2023. The surplus rose to nearly SAR 40 billion, supported by the significant growth in the spending by visitors of about SAR 83.7 billion.

The ministry added that the surplus of the travel item in the BOP rose 329% year-on-year (YoY) in H1 2023, according to data from the Saudi Central Bank (SAMA).

The travel surplus represents the difference between the spending of inbound tourists and outbound travelers.

Outbound tourism spending amounted to SAR 43.8 billion by the end of H1 2023, compared to SAR 27.1 billion in the same period last year, as shown in the following table:

*Includes spending of Saudis and non-Saudis residing in Saudi Arabia.

The table below shows the details of travel item in the Saudi BOP since 2016:

*Includes spending of Saudis and non-Saudis residing in Saudi Arabia.

Source: Argaam