Pakistan earns $121.890 million from export of travel services in four months

ISLAMABAD: Pakistan earned US $121.980 million by providing different travel services in various countries during the first four months of current financial year 2020-21.

This shows decline of 27.87 percent as compared to US $169.104 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 27.54 percent, from US $ 167.264 million last year to US $ 121.200 million during July-October (2020-21).

Among these personal services, the exports of personal and education related expenditure however witnessed an increase of 89.66 percent and 47.08 percent respectively.

In addition, the other personal services however witnessed decrease of 28.99 percent, out of which religious and other travel services witnessed decline 96.72 and 28.80 percent respectively.

Meanwhile, the exports of business services also dipped by 57.61 percent, from US $1.840 million to US $0.780 million, the PBS data revealed.

It is pertinent to mention here that the services trade deficit of the country during the first four months of fiscal year (2020-21) decreased by 38.18 percent as compared to the corresponding period of last year.

During the period from July-October, 2020-21, services exports decreased by 11.45 percent, whereas imports reduced by 22.38 percent, according the data released by Pakistan Bureau of Statistics.

The services worth US $ 1.625 billion exported during the period under review as compared the exports of US $ 1.835 billion in same period of last year, whereas imports of services into the country was recorded at US $2.410 billion as against the imports of US $ 3.105 billion, the data revealed.