Pakistan: Services’ trade deficit contracts by 38pc as exports surge by 3.9pc
Business
The country's exports from July-October FY23 were recorded at $2,259.2 million
KARACHI (APP) - The services trade deficit contracted by 38.05 per cent as exports witnessed a growth of 3.97pc during the first four months of the current fiscal year as compared to the corresponding period of last year, the Pakistan Bureau of Statistics (PBS) reported on Friday.
According to the PBS data, the exports from the country from July-October FY23 were recorded at $2,259.2 million against the exports of $2,172.85 million in July-October FY22, showing growth of 4.63pc.
On the other hand, the services’ imports declined by 11.8pc from $3,483.37mn last year to $3,071.13mn during the period under review.
Based on the figures, the services trade deficit was recorded at $811.9mn this year against a deficit of $1,310.52mn during the last fiscal year, showing a decline of 38.05pc.
On a year-on-year basis, the services exports during the month of October 2022 went up by 1.14pc to $559.2mn against the exports of US $552.92mn during October 2021.
On the other hand, the imports decreased by 25.9pc from $986 mn last October to the $730.12mn in October 2022, according to the data.
On a month-on-month basis, the services exports from the country went down by 2.05 per cent as compared to the exports of US $ 570.97 million in September 2022. The imports also went down by -0.94 per cent as compared to the imports of US $737.08 million in August 2022, the data revealed.
Meanwhile, during the first five months of the current fiscal year, the merchandize trade deficit witnessed a decline of 30.14 per cent and was recorded at $ 14,406 million this year against the deficit of $ 20,621 million last year.
According to the data, the exports from July-November (2022-23) were recorded at $11,932 million against the exports of $12,362 million in July-November (2021-22), showing decline of 3.48 percent.
On the other hand, the imports of the country decreased by 20.15 per cent during the period under review by going down from $ 32,983 million last year to $ 26,338 million during the current year.
