Pakistan spends over $ 774 million on import of travel services
ISLAMABAD: Pakistan spent US $ 774.915 million on acquiring different travel services from various countries during the first six months of the current financial year 2019-20 compared to the corresponding period of the last year.
This shows growth of 5.72 percent as compared to US $ 732.960 million spent through provision of services during the last year (2018-19), Pakistan Bureau of Statistics (PBS) reported.
During the period under review, the imports of personal travel services grew by 8.42 percent, by going up from US $ 702.900 million last year to US $ 762.065 million during July-December (2019-20).
Among these personal services, imports of education related expenditure and personal expenditure decreased by 7.83 and 46.49 percent respectively.
On the other hand, imports of business services witness declined of 57.25 percent, by going down from US $30.060 million to US $12.850 million, the PBS data revealed.
It is pertinent to mention here that the services trade deficit of the country during first seven months of current financial year decreased by 16.95 percent as compared to the corresponding period of last year.
During the period from July-January, 2019-20, services exports grew by 5.18 per cent, whereas imports reduced by 4.46 per cent, according the data released by Pakistan Bureau of Statistics.
The services worth US $ 3.237 billion exported during the period under review as compared to the exports of US $ 3.077 billion in same period of last year, whereas imports of services into the country was recorded at US $ 5.211 billion as against the imports of US $ 5.454 billion, the data revealed. – APP