Economic sectors in Pakistan have experienced varying trends in fiscal year 2022-23. Tourism, in particular, has emerged as a bright spot, with earnings surging by an impressive 87 percent. Compared to the previous fiscal year’s earnings of $500 million, the tourism sector reported substantial growth, reaching $930.5 million in revenue.
Conversely, the construction sector faced challenges, witnessing a notable decline of 60.5 percent. Earnings in this sector dwindled from $860 million in the fiscal year 2021-22 to $340 million in the current fiscal year. Interestingly, the Information Technology (IT) sector, despite its global prominence, exhibited relative stagnation, experiencing a minor dip of 0.6 percent in the past fiscal year.
The performance report also provides insights into Pakistan’s trade dynamics with various countries and regions. Trade between Pakistan and the European Union reached $14.2 billion. Exports to the EU amounted to $9.49 billion, while imports stood at $4.71 billion.
Additionally, Pakistan’s exports to the United States reached $6.04 billion. The trade volume with African countries for the previous fiscal year totaled $4.44 billion.
In the Gulf region, the trade volume amounted to $19.62 billion, with exports reaching $16.97 billion and imports standing at $2.66 billion. Pakistan’s revenue from the Middle East increased by 3.2 percent annually, accompanied by a 24 percent decrease in imports from the region.
Trade with Afghanistan amounted to $186.4 million, with exports totaling $97.2 million and imports at $89.3 million. Trade with Iran accounted for $88 million.
Moreover, Pakistan’s trade volume with Central Asian states reached $34.5 million, with expectations of growth once the situation in Afghanistan stabilizes. These diverse trends across sectors and regions highlight the dynamic nature of Pakistan’s economy in the fiscal year 2022-23, with both opportunities and challenges to consider for future economic strategies.