Tourism grows by 87% while construction declines by 60%

ISLAMABAD: Earnings from the tourism sector have increased by 87%, while those from the construction sector have decreased by 60%.

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According to the performance report for fiscal year 2022-23 obtained by The Express Tribune from the commerce ministry, the tourism sector earned $930,5 million in fiscal year 2022-23, compared to $500 million in fiscal year 2021-22.

In contrast, the report revealed a 60.5% decline in earnings from the construction industry, from $860 million in fiscal year 2021-22 to $340 million in fiscal year 2022-23.

Surprisingly, the rapidly expanding field of information technology (IT), which has taken the world by storm, declined by 0.6% over the past fiscal year.

The documents also included information regarding the previous fiscal year’s trade with various countries and regions.

The reported volume of commerce between Pakistan and the European Union was $14.2 billion. The documents indicate that Pakistan’s exports to the EU totaled $9.49 billion, while imports amounted to $4.71 billion.

In addition, exports from Pakistan to the United States totaled $6.04 billion.

Pakistan’s trade volume with African nations for the prior fiscal year was $4.44 billion.

According to the documents, the volume of commerce with Gulf nations was $19.62 billion. The value of Pakistan’s exports was $16.97 billion, while the value of its imports was $2.66 billion.

Pakistan’s revenue from the Middle East increased by 3.2% annually. The decline in imports from the region was 24%.

Additionally, commerce with Afghanistan totaling $186,4 million was accomplished. The value of Pakistan’s exports to Afghanistan was $97.2 million, while imports were $89.3 million.

The volume of commerce with Iran totaled $88 million.

After the stabilisation of the situation in Afghanistan, Pakistan’s trade volume with Central Asian states is anticipated to grow.