Pakistan earns US$374mn from travel services’ export

• This shows growth of 32.70 percent as compared to US $ 282.240 million same services were provided during the corresponding period of fiscal year 2018-19
• Among these personal services, the exports of personal expenditure and education related expenditure decreased by 69.31 and 37.50 percent respectively.
• the exports of business services also increased by 18.13 percent, from US $ 3.310 million to US $ 3.910 million, the PBS data revealed.

ISLAMABAD: Pakistan earned US $ 374.544 million by providing different travel services in various countries during the first eight months of current financial year 2019-20.

This shows growth of 32.70 percent as compared to US $ 282.240 million same services were provided during the corresponding period of fiscal year 2018-19, Pakistan Bureau of Statistics (PBS) said.

During the period under review, the export of personal travel services grew by 32.88 percent, from US $ 278.930 million last year to US $ 370.634 million during July-February (2019-20).

Among these personal services, the exports of personal expenditure and education related expenditure decreased by 69.31 and 37.50 percent respectively.

In addition, the other personal services increased by 37.69 percent, out of which religious and other travel services witnessed growth of 188.72 and 37.58 percent respectively.

Meanwhile, the exports of business services also increased by 18.13 percent, from US $ 3.310 million to US $ 3.910 million, the PBS data revealed.

It is pertinent to mention here that the country’s trade deficit witnessed significant reduction in first three quarters of current financial year and declined by 26.45% as compared to the corresponding period of last year.

During the period under review country’s exports registered about 2.23% growth, whereas imports reduced by 14.42%.

The exports witnessed an increase of 2.23% and reached to $17.451 billion against the exports of $17.071 billion of the same period of last year.

On the other hand, the country’s imports witnessed significant decrease of 14.42% and went down from $40.679 billion last financial year to $34.814 billion of same period of current financial year.

Based on the figures, the trade deficit during the period under review was recorded at $17.363 billion against the deficit of $23.608 during last year, showing decline of 26.45 percent.