Pakistan earns $2.98 billion from export of services

ISLAMABAD, Jan 8 (Alliance News):Pakistan earned $2,986.26 million by exporting various services from July to November of the current fiscal years, Pakistan Bureau of Statistics (PBS) reported.

The export of services during the same period of last year was recorded at $3,089.23 million, showing a decline of 3.33 percent during the first five months of the current fiscal year.

 

 

The services’ imports into the country increased by 20.67 percent by going up from $3,406.86 million last year to $4,110.33 million during the first five months of current fiscal year.

Based on the figures, the services’ trade deficit widened by 254.51 percent during the period under review by going up from $317.07 million last year to $1,124.06 million this year.

Meanwhile, on year on year (YoY) basis, the services’ exports from the country decreased by 15.85 percent by going down from $750.95 million in November 2022 to $631.93 million during November 2023.

The imports also went up by 22.74 percent by growing from $677.08 million to $831.07 million, according to PBS data.

On month on month (MoM) basis, the services exports increased by 6.38 percent in November 2023 when compared to exports of $594.01 million in October 2023.

However, imports on MoM basis declined by 1.53 percent during the month under review when compared to imports of $843.95 million in October 2023.

It is pertinent to mention that the country’s merchandize trade deficit contracted by 34.29 per cent during the first half of the current fiscal year compared to the corresponding period of last year, the Pakistan Bureau of Statistics (PBS) reported.

The Trade deficit from July-December (2023-24) was recorded at $11.148 billion as against the deficit of $16.965 billion in July–December (2022-23), showing negative growth of 34.29 per cent.

During the period under review, the exports increased by 5.17 per cent to $14.981 billion compared to the exports of $14.244 billion during the corresponding period of last year, according to the latest PBS data.

On the other hand, the imports narrowed by 16.28 per cent and were recorded at $26.129 billion compared to $31.209 billion last year.

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