Saudi Arabia Record Highest Int’l Tourism Growth among G20 Countries in First 7 Months of 2024

17:19-21 September 2024 AD ـ 18 Rabi’ Al-Awwal 1446 AH

Saudi Arabia Record Highest Int’l Tourism Growth among G20 Countries in First 7 Months of 2024

Saudi Arabia has once again registered the highest growth in international tourism figures in the first seven months of this year among the G20 countries, according to the latest data from the United Nations Tourism Organization.

Compared to the same period in 2019, the Kingdom recorded a remarkable 73% increase in the number of international tourists and a 207% growth of international tourism revenues, the organization's September 2024 World Tourism Barometer report showed.

Saudi Arabia welcomed around 17.5 million international tourists during this period, which points to a significant increase in its global tourism appeal. In 2023, the Kingdom had 27.4 million visitors, registering a 56% growth in the number of international tourists compared to 2019.

This positioned Saudi Arabia at the top of the UN list recording tourism growth among major tourist destinations in 2023. Moreover, the travel item’s surplus recorded a historic SAR48 billion in 2023, reflecting a 38% year-on-year increase.

The International Monetary Fund (IMF), in its 2024 Article IV Consultation report in September, commended the unprecedented achievements of Saudi Arabia's tourism sector, as part of Saudi Vision 2030.

The IMF particularly noted the sector's role in the drive to diversify the Kingdom's economic base, especially in the services sector where tourism has emerged as a key driver of growth. The sector has led in visitor numbers, spending, job creation, and contribution to the GDP.

These achievements underscore the Kingdom's growing status as a premier global tourism destination, with the continuous rise in tourist numbers reflecting confidence in the country's diverse and attractive tourism offerings.

Trump Vows New Tariffs on Mexico, Canada and China

FILE PHOTO: US President-elect Donald Trump attends a viewing of the launch of the sixth test flight of the SpaceX Starship rocket, in Brownsville, Texas, US, November 19, 2024. Brandon Bell/Pool via REUTERS/File Photo

Washington: Asharq Al Awsat

08:00-26 November 2024 AD ـ 25 Jumada Al-Ula 1446 AH

Washington: Asharq Al Awsat

08:00-26 November 2024 AD ـ 25 Jumada Al-Ula 1446 AH

Trump Vows New Tariffs on Mexico, Canada and China

US President-elect Donald Trump vowed on Monday to impose sweeping new tariffs on Mexico, Canada and China as soon as he takes office as part of his effort to crack down on illegal immigration and drugs.

He said he would impose a 25% tax on all products entering the country from Canada and Mexico, and an additional 10% tariff on goods from China, as one of his first executive orders.

In a series of posts to his Truth Social account, Trump vowed to hit some of the United States' largest trading partners with duties on all goods entering the country.

“On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% tariff on ALL products coming into the United States,” he wrote, according to AFP.

He said the new tariffs would remain in place “until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!”

The President ignored the US, Mexico and Canada three-decade-old free trade agreement, now called the USMCA.

In another post, Trump said he would also be slapping China with a 10% tariff, “above any additional Tariffs,” in response to what he said was its failure to tackle fentanyl smuggling.

“No one will win a trade war,” Liu Pengyu, a spokesman for China's embassy in the United States, told AFP by email, defending Beijing's efforts to curb fentanyl smuggling.

“China believes that China-US economic and trade cooperation is mutually beneficial in nature,” Liu added.

Canada said it was “essential” to US energy supplies, and insisted the relationship benefits American workers.

“We will of course continue to discuss these issues with the incoming administration,” said the statement from Deputy Prime Minister Chrystia Freeland.

Tariffs are a key part of Trump's economic agenda, with the Republican vowing wide-ranging duties on allies and adversaries alike while he was on the campaign trail.

Many economists have warned that tariffs would hurt growth and push up inflation, since they are primarily paid by importers bringing the goods into the US, who often pass those costs on to consumers.

But those in Trump's inner circle have insisted that the tariffs are a useful bargaining chip for the US to push its trading partners to agree to more favorable terms, and to bring back manufacturing jobs from overseas.

Saudi Arabia Record Highest Int’l Tourism Growth among G20 Countries in First 7 Months of 2024