Saudi Arabia posts record BoP surplus for travel at SAR 48.1B in 2023

Saudi Arabia posts record BoP surplus in travel item at SAR 48.1B in 2023

Logo of Ministry of Tourism

Saudi Arabia posted a historic achievement in 2023, recording the largest-ever balance of payments (BoP) surplus for travel item at about SAR 48.1 billion.

The spending by international tourists reached a historical high of around SAR 135 billion, implying growth of nearly 43% compared to 2022, the Ministry of Tourism said.

The travel item’s surplus in 2023 grew by around 38%, according to the data issued by the Saudi Central Bank (SAMA).

The surplus represents the difference between spending by inbound and outbound tourists.

Spending by travelers from the Kingdom rose to SAR 86.9 billion in 2023, from SAR 59.7 billion a year earlier.

Travel Item Details in BoP in 2023 (SAR bln)
	2022	2023	Change
Spending by visitors to the Kingdom	94.5	135.0	43%
Spending by travelers from the Kingdom*	59.7	86.9	46%
Surplus	+34.8	+48.1	38%

*Spending by Saudi and residents in the Kingdom

Travel Item Details in BoP since 2016 (SAR bln)
	Spending by International Tourists	Spending by Travelers from Saudi Arabia	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	86.9	+48.1

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