Pakistan has witnessed a notable surge in its travel services exports, generating a revenue of $157.075 million during the initial three months of the fiscal year 2023-24. This figure represents a robust growth of 27.72 percent compared to the same period in the previous fiscal year, where travel services contributed $122.890 million, as reported by the Pakistan Bureau of Statistics (PBS).
The data from PBS reveals that personal travel services experienced a significant uptick of 26.19 percent, escalating from $122.240 million in the corresponding months of the last fiscal year to $154.255 million during July-September 2023. Within this category, health-related expenditures saw a remarkable surge of 529.17 percent, while education-related expenditures increased by 49.19 percent. Other personal services also contributed to this growth, witnessing an increase of 23.69 percent.
Furthermore, the exports of business services demonstrated substantial growth, soaring by 281.08 percent from $0.740 million to $2.820 million, as per PBS data.
It is noteworthy that the overall exports of services during the first quarter of fiscal year 2023-24 were recorded at $1,707.31 million. Although this indicates a nominal decline of 0.58 percent compared to the same period in the previous fiscal year, the surge in travel services exports serves as a positive indicator for the country’s economic performance.
Meanwhile, Pakistan’s imports during the same period experienced an 18.10 percent increase, rising from $2,028.13 million in the last fiscal year to $2,395.30 million. The overall economic dynamics, as reflected in the trade balance and service exports, showcase a dynamic landscape in Pakistan’s international economic engagement during the first quarter of the current fiscal year.
