Trade deficit of services rises 34.1pc to $1.04bn in four months

Trade deficit of services widened by 34.1 percent to $1,042.14 million during the first four months (July-October) of the current fiscal year 2021-22 as compared to a deficit of $777.11 million during the same period of the last financial year.

According to the data released by Pakistan Bureau of Statistics (PBS), the exports of services from the country witnessed an increase of 24.25 percent during the first four months of the current financial year (2021-22) as compared to the corresponding period of last year. The exports of services during July-October (2021-22) were recorded at $2,122.19 million against the exports of $1,708.04 million in July-October (2020-21), showing a growth of 24.25 percent.

The services’ imports also rose by 27.33 percent by growing from $2,485.15 million last year to $3,164.33 million during the period under review. Based on the figures, the services’ trade deficit widened by 34.10 percent to $1,042.14 million from $777.11 million last year.

On a year-on-year basis, the services’ exports during the month of October 2021 grew by 23.14 percent to $532.07 million against the exports of $432.07 million during October 2020. The imports also grew by 25.43 percent from $649.06 million in last October to 814.09 million in October 2021, the data revealed.

On a month-on-month basis, the exports from the country witnessed a decrease of 6.49 percent when compared to the exports of $568.99 million in September 2021. However, the imports increased by 11.66 percent when compared to the imports of $729.08 in September 2021, the data revealed.

Meanwhile, the merchandise exports from the country witnessed an increase of 26.68 percent during the first five months of the current fiscal year (2021-22) as compared to the corresponding months of last year, according to PBS data.

The exports from the country stood at $12.344 billion during July-November (2021-22) against the exports of $9.744 billion recorded during July-November 2020-21, showing growth of 26.68 percent. The imports during the months under review also went up by 69.17 percent by growing from $19.468 billion last year to $32.934 billion in July-October 2021-22.

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