Pakistan’s earns US $443 mln from travel services’ export

Pakistan’s earns US $443 mln from travel services’ export

ISLAMABAD-Pakistan earned US $ 443.994 million by providing different travel services in various countries during the first ten months of ongoing fiscal year 2019-20.

This shows growth of 24.34 percent as compared to US $ 357.090 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 24.25 percent, from US $ 353.440 million last year to US $ 439.164 million during July-April (2019-20).

Among these personal services, the exports of health expenditure and education related expenditure decreased by 59.14 and 29.23 percent respectively.

In addition, the other personal services increased by 27.46 percent, out of which religious and other travel services witnessed growth of 88.44 and 27.40 percent respectively.

Meanwhile, the exports of business services also increased by 32.33 percent, from US $ 3.650 million to US $ 4.830 million, the PBS data revealed.

It is pertinent to mention here that the country’s trade deficit witnessed significant reduction in eleven months of current financial year and declined by 27.75% as compared to the corresponding period of last year.

The exports witnessed decrease of 6.85% and reached to $19.801 billion against the exports of $21.256 billion of the same period of last year.

On the other hand, the country’s imports witnessed significant decrease of 18.93% and went down from $50.410 billion last financial year to $40.866 billion of same period of current financial year.

Based on the figures, the trade deficit during the period under review was recorded at $21.065 billion against the deficit of $29.154 during last year, showing decline of 27.75 percent.