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Pakistan earns US$464m from travel services’ export

Pakistan earns US$464m from travel services’ export

ISLAMABAD: Pakistan earned US $ 464.994 million by providing different travel services in various countries during the first eleven months of fiscal year 2019-20.

This shows growth of 19.19 percent as compared to US $ 390.130 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 personal travel services grew by 19.03 percent, from US $ 386.160 million last year to US $ 459.654 million during July-May (2019-20).

Among these personal services, the exports of personal expenditure and education related expenditure decreased by 56.19 and 26.68 percent respectively. In addition, the other personal services increased by 21.66 percent, out of which religious and other travel services witnessed growth of 49.26 and 21.63 percent respectively.

Meanwhile, the exports of business services also increased by 34.51 percent, from US $ 3.970 million to US $ 5.340 million, the PBS data revealed.

It is pertinent to mention here that the services trade deficit of the country during first eleven months of fiscal year (2019-20) decreased by 41.63 percent as compared to the corresponding period of last year.

During the period from July-May, 2019-20, services exports decreased by 8.52 percent, whereas imports reduced by 23.61 percent, according the data released by Pakistan Bureau of Statistics.

The services worth US $ 5.050 billion exported during the period under review as compared the exports of US $ 5.520 billion in same period of last year, whereas imports of services into the country was recorded at US $ 7.750 billion as against the imports of US $ 10.146 billion, the data revealed.