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Pakistan earns $935m from export of travel services during FY22-23

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1 year ago

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ISLAMABAD: Pakistan has earned over $900 million by providing different travel services in various countries during the first eleven months of the fiscal year 2022-23. 

According to data issued by the Pakistan Bureau of Statistics (PBS), the country has made a growth of 86.99% as compared to fiscal year 2021-22. 

Pakistan — which is going through its worst economic crisis — managed to make $935.172 million in the fiscal year 2022-23 as compared to $500.130 million in 2021-22.

During the period under review, personal travel services increased by 86.48%, from $497.560 million last year to $927.872 million during July-May 2023.

Among the personal services, the exports of health-related expenditure surged by 33.02% to $4.190 million from $3.150 million while the education-related expenditure also rose by 3.64% from $10.170 million to $10.540 million.

Meanwhile, the PBS data revealed that the exports of business services grew by 184.05%, from $2.570 million to $7.300 million.

The exports of services from the country witnessed an increase of 2.78% during the fiscal year 2022-23 as compared to the corresponding period of last year, it added.

The exports of services during July-June from 2022-23 were recorded at $7,300.13 million against the exports of $7,102.35 million during the same period of last year.

The imports of the country witnessed a decline of 38.04%, falling from $12,942.46 million last year to $8,019.58 million during the period under review.

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Business

With a loss of 32 paisas, the US dollar is now trading at 277 rupees on the interbank market.

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In the Interbank market, the United States dollar is currently trading at 277 rupees and 63 paise, indicating a depreciation of 32 paise. Yesterday, it reached a closing price of 277 rupees and 95 paise on the Interbank market.

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The price of gold has skyrocketed in Pakistan.

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Pakistan’s gold price recovered on Friday following a sharp drop the day before, mirroring worldwide market patterns.

According to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola rose by Rs2,000 in the local market, ending at Rs278,800.

Likewise, the cost of 10 grams of 24-karat gold increased by Rs1,715 to Rs239,026.

With an extra $20 premium, the price of gold increased by $21 on Friday to $2,683 per ounce on the global market as well.

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Business

The PSX-100 index reaches a record high and surpasses 93,000 points.

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Historically, the Pakistan Stock Exchange (PSX) exceeded the 93,000-point threshold for the first time, with the KSE-100 index increasing by 480 points to attain a record high of 93,001 points.

A significant milestone was reached on the final business day of the week, establishing a new record for the nation’s stock market.

Economists ascribe the market’s expansion to expectations of an enhanced economic rating for Pakistan and a favorable perspective on economic reforms. The session commenced positively, with the 100 index initially increasing by 250 points, reaching 92,770 points prior to the day’s zenith. The market concluded the prior day at 92,520 points.

Simultaneously, the Pakistani rupee appreciated as the dollar decreased by 20 paisa in the interbank market, now valued at 277.75 rupees. Economists attribute this enhancement to heightened remittances and a current account surplus, which have strengthened the rupee’s status.

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