Tourism Witnesses Progress Surges by 87% In FY 22-23

Islamabad: The FY 2022-23 witnessed a remarkable 87% increase in revenue from the tourism sector, while the construction sector experienced a significant 60% decline, as reported in a news article published on August 24.

As report for FY 2022-23, the tourism sector achieved an impressive earnings total of USD 930.5 million, which stands in stark contrast to the USD 500 million reported in the preceding fiscal year of 2021-22. On the flip side, the construction sector faced a substantial 60.5% downturn, dropping from its previous fiscal year earnings of USD 860 million to a more modest USD 340 million. Even the otherwise thriving Information Technology (IT) domain, which has been gaining global momentum, appeared to have plateaued, experiencing a marginal decline of 0.6% during the last fiscal year.

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The documents also outlined notable trade data from the previous fiscal year with various countries and regions. Trade relations between Pakistan and the European Union showcased a total volume of USD 14.2 billion, with Pakistan’s exports to the EU reaching USD 9.49 billion and imports standing at USD 4.71 billion. Furthermore, Pakistan’s exports to the United States amounted to USD 6.04 billion, while trade engagements with African nations summed up to USD 4.44 billion.

Interestingly, the trade volume with Gulf countries surged impressively to USD 19.62 billion, with Pakistan’s exports contributing USD 16.97 billion, while imports accounted for USD 2.66 billion. Over the year, Pakistan’s revenue from the Middle East exhibited a 3.2% increase, accompanied by a significant 24% reduction in imports from the region. Another noteworthy achievement was the establishment of trade worth USD 186.4 million with Afghanistan. Report By Pakistan Tourism Development Corporation (PTDC)

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It’s worth noting that Pakistan’s exports to Afghanistan amounted to USD 97.2 million, offset by imports of USD 89.3 million. Meanwhile, trade interactions with Iran reached USD 88 million. Finally, Pakistan’s trade volume with Central Asian states settled at USD 34.5 million, a figure expected to rise as the situation in Afghanistan stabilizes.

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