Services trade deficit shrinks 13.79pc in July
Last updated on: 07 September,2020 06:45 pm
The imports into the country also witnessed decline of 9.3 percent.
ISLAMABAD (Dunya News) – The country s services trade deficit witnessed decline of 13.79 percent during the first month of current financial year (2019-20) as compared to the corresponding period of last year.
The exports during July 2020 were recorded at US $ 436.05 million against the exports of US $ 459.99 million, showing decline of 5.20 percent, according to latest data of Pakistan Bureau of Statistics (PBS).
The imports into the country also witnessed decline of 9.3 percent by falling from US $ 879.88 million in July 2019 to US $ 798.05 million, the PBS data revealed.
Based on the figures, the services trade deficit in July 2020 was recorded at US $ 362 million against the deficit of US $ 419.89 million in July 2019, showing decline of 13.79 percent.
Meanwhile, on month-on-month basis, the exports from the country witnessed increase of 10.95 percent in July 2020 when compared to the exports of US $ 393.01 million in June 2020.
Likewise, imports into the country increased by 29.34 percent in July 2020 when compared to the imports of US $ 617.01 million in June 2020, the data revealed.
On the other hand, the country s merchandize trade deficit witnessed reduction of 8.32 percent during the first two months of current fiscal year (2020-21) as compared to the deficit of the corresponding period of last year.
The deficit during July-August (2020-21) was recorded at US $ 3.382 billion as compared to the deficit of US $ 3.689 billion, showing decline of 8.32 percent.
During the period under review, the country s exports registered negative growth of 4.27 percent, by going down from US $ 3.744 billion last year to US $ 3.584 billion during the current year.
On the other hand, the imports decreased by 6.28 percent, from US $ 7.433 billion last year to US $ 6.966 billion during the current year.
Meanwhile, on year-on-year basis, the country s exports declined from US $ 1.858 billion in August 2019 to US $ 1.583 billion in August 2020, showing negative growth of 14.80 percent.
The imports also decreased by 11.85 percent by going down from US $ 3.720 billion last year to US $ 3.279 billion during the current year, the data revealed.
On month-on-month basis, the exports from the country decreased by 20.89 percent in August 2020 when compared to the exports of US $ 2.001 billion in July 2020.
Likewise, the imports of the country declined by 11.07% in August 2020 as compared to the imports of US $ 3.687 billion in July.