Pakistan earns $169.0300 million from export of travel services in five months

ISLAMABAD: Pakistan earned US $169.030 million by providing different travel services in various countries during the first five months of current financial year 2020-21.

This shows decline of 22.49 percent as compared to US $218.084 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 21.97 percent, from US $215.534 million last year to US $168.180 million during July-November (2020-21).

Among these personal services, the exports of personal and education related expenditure however witnessed an increase of 52.08 percent and 22.12 percent respectively.

In addition, the other personal services however witnessed decrease of 23.01 percent, out of which religious and other travel services witnessed decline 95.59 and 22.84 percent respectively.

Meanwhile, the exports of business services also dipped by 66.67 percent, from US $2.550 million to US $0.850 million, the PBS data revealed.

It is pertinent to mention here that the services trade deficit of the country during the first five months of financial year (2020-21) decreased by 38.02 percent as compared to the corresponding period of last year.

During the period from July-November, 2020-21, services exports decreased by 5.53 percent, whereas imports reduced by 18.37 percent, according the data released by Pakistan Bureau of Statistics.

The services worth US $2.158 billion exported during the period under review as compared the exports of US $2.284 billion in same period of last year, whereas imports of services into the country was recorded at US $3.083 billion as against the imports of US $3.777 billion, the data revealed.