Pakistan earns US $277mn from export of travel services in 7 months

ISLAMABAD: Pakistan earned US $277.150 million by providing different travel services in various countries during the seven months of current financial year 2020-21.

This shows decline of 16.04 percent as compared to US $330.104 million same services were provided during the corresponding period of fiscal year 2019-20, Pakistan Bureau of Statistics (PBS) said.

During the period under review, the personal travel services decreased by 15.52 percent, from US $326.734 million last year to US $276.040 million during July-January (2020-21).

Among these personal services, the exports of personal expenditure however rose by 35.62 percent while the education related expenditure however witnessed a decrease of 14.84.

In addition, the other personal services also decreased by 15.65 percent, out of which religious and other travel services witnessed decline 94 and 15.52 percent respectively.

Meanwhile, the exports of business services also dipped by 67.06 percent, from US $3.370 million to US $1.110 million, the PBS data revealed.

It is pertinent to mention here that the services trade deficit of the country during the seven months of financial year (2020-21) decreased by 41.09 percent as compared to the corresponding period of last year.

During the period from July-January, 2020-21, services exports increased by 0.63 percent, whereas imports reduced by 14.45 percent, according the data released by Pakistan Bureau of Statistics.

The services worth US $3.366 billion exported during the period under review as compared the exports of US $3.345 billion in same period of last year, whereas imports of services into the country was recorded at US $4.481 billion as against the imports of US $5.238 billion, the data revealed.