Pakistan earned over $120m from export of travel services in four months

Pakistan earned a total of $121.980 million as a result of providing various travel-related services in different countries during the first four months of the current fiscal year 2020-21.

According to data released by Pakistan Bureau of Statistics (PBS), this figure represents a decline of 27.87 percent as compared to the previous fiscal year’s earnings for the same services of $169.104 million.

Over the course of the current fiscal year, personal travel services decreased by 27.54 percent, from $167.264 million last year to $121.200 million during July-October (2020-21).

However, among these personal services, the exports of personal and education related expenditure witnessed a boost 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 dropped by 57.61 percent, from $1.840 million to $0.780 million, the PBS data revealed.

It is worth noting 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.

As per the data gathered by PBS, during the period from July-October 2020-21, services exports decreased by 11.45 percent, whereas imports reduced by 22.38 percent.

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