Forecast: Share of Travel Services in Services Exports in Saudi Arabia

The share of travel services in services exports in Saudi Arabia has demonstrated significant fluctuation over the past decade, with a notable peak at 72.7 units in 2022, followed by a dip to 64.26 units in 2023. Over the two prior years, there was a significant rebound, with the share increasing significantly in 2022 after a severe decline in 2020 and 2021. This volatility reflects the impacts of the COVID-19 pandemic and subsequent recovery. The forecast shows a minor decrease, indicating a slight decline at an average annual rate of -0.02%, with the share stabilizing around 64.18 units by 2028.

Future trends to watch for include:

• The impact of ongoing tourism development projects in Saudi Arabia, such as the Saudi Vision 2030 initiative.
• Potential fluctuations from global economic conditions and travel restrictions related to health crises.
• Changing travel patterns due to technological advancements and shifts in consumer preferences towards sustainable travel options.