Pakistan's services sector deficit drops over 50pc in 5MFY23
Last updated on: 21 December,2022 09:46 am
Pakistan's services sector deficit drops over 50pc in 5MFY23
KARACHI (Web Desk) - The country’s services sector has witnessed 50 per cent decline in the trade deficit during the first five months of the current fiscal year, the central bank’s data shows.
The deficit contracted because of exports growth and lower import bill.
According to State Bank of Pakistan (SBP), services sector trade recorded a deficit of some $865 million during July-Nov of FY23 compared to $1.713 billion deficit in same period of last fiscal year.
On month-on-month basis, services trade recorded a deficit of $65 million with $650 million exports and $715 million imports in November 2022.
The country’s exports posted 6pc growth to reach $2.9 billion mark in the first five months of FY23 as compared to $2.743 billion in the corresponding period of FY22.
Telecommunications, Computer, and Information Services contributed a major share in the total exports. Overall, Pakistan exported Telecommunications, Computer, and Information related services worth $1.087 billion in July-Nov of FY23 as against $1.051 billion in same period of last fiscal year.