Pakistan’s earns US $489 million from travel services’ export during FY 2019-20

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Pakistan’s earns US $489 million from travel services’ export during FY 2019-20

ISLAMABAD- Pakistan earned US $ 489.074 million by providing different travel services in various countries during the fiscal year 2019-20.

This shows growth of 15.59 percent as compared to US $ 423.120 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 15.48 percent, from US $ 418.780 million last year to US $ 483.604 million during July-June (2019-20).

Among these personal services, the exports of personal expenditure and education related expenditure decreased by 51.41 and 26.74 percent respectively.

In addition, the other personal services increased by 17.75 percent, out of which religious and other travel services witnessed growth of 18.93 and 17.75 percent respectively.

Meanwhile, the exports of business services also increased by 26.04 percent, from US $ 4.340 million to US $ 5.470 million, the PBS data revealed.

It is pertinent to mention here that the services trade deficit of the country during the fiscal year (2019-20) decreased by 42.96 percent as compared to the corresponding period of last year.

During the period from July-June, 2019-20, services exports decreased by 8.66 percent, whereas imports reduced by 24.25 percent, according the data released by Pakistan Bureau of Statistics.

The services worth US $ 5.449 billion exported during the period under review as compared the exports of US $ 5.966 billion in same period of last year, whereas imports of services into the country was recorded at US $ 8.284 billion as against the imports of US $ 10.936 billion, the data revealed.