During the first eleven months of the fiscal year 2022-23, Pakistan has generated significant revenue of over $900 million from providing various travel services in different countries. This remarkable achievement represents a notable growth of 86.99% compared to the fiscal year 2021-22. Despite facing severe economic challenges, Pakistan managed to increase its earnings from travel services to $935.172 million in the current fiscal year, a significant improvement from the $500.130 million recorded in the previous year.
Personal travel services played a pivotal role in this surge, witnessing a notable increase of 86.48%, reaching $927.872 million during July-May 2023, as compared to $497.560 million in the corresponding period last year. Notably, health-related expenditure exports increased by 33.02% to $4.190 million, and education-related expenditure rose by 3.64%, reaching $10.540 million.
In the business services sector, the country experienced substantial growth, with exports increasing by 184.05%, soaring from $2.570 million to $7.300 million.
Overall, Pakistan’s services exports rose by 2.78% during the fiscal year 2022-23 compared to the previous year, reaching a total of $7,300.13 million, up from $7,102.35 million during the same period.
On the other hand, imports in the country witnessed a significant decline of 38.04%, falling from $12,942.46 million in the previous year to $8,019.58 million during the current fiscal year, reflecting ongoing efforts to manage the economic challenges effectively.