Services' Trade Deficit Shrinks 9.84% As Exports Grow By 8.25% In 2 Months

Mohammad Ali (@ChaudhryMAli88) Published October 05, 2022 | 01:20 PM

ISLAMABAD, Oct 5 (UrduPoint / Pakistan Point News - 5th Oct, 2022 ) :The services trade deficit shrunk by 9.84 percent as exports witnessed growth of 8.25 percent during the first two months of the current fiscal year as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported.

According to PBS data, the exports from the country during July-August (2022-23) were recorded at $1,130.14 million against the exports of $1,043.99 million in July-August (2021-22), showing growth of 8.25 percent.

The services' imports also went up by 1.15 percent from US$ 1,719.13 million last year to US$1,738.84 million during the period under review.

Based on the figures, the services trade deficit was recorded at the US $ 608.70 million this year against the deficit of US $675.14 million during the last fiscal year, showing a decline of 9.84 percent.

On year-on-year basis, the services exports during the month of August 2022 grew by 4 percent to US$575.14 million against the exports of US $ 553 million during August 2021.

On the other hand, the imports decreased by 0.54percent from US$941.08 million last August to the US $ 936.

04 million in August 2022, according to the data.

On a month-on-month basis, the exports of the country went up by 3.63 percent as compared to the exports of US $ 555 million in July 2022. The imports also went up by 16.60 percent as compared to the imports of US $802.80 million in July 2022, the data revealed.

Meanwhile, the merchandize trade deficit witnessed a decline of 21.42 percent in first quarter (Q1) of the current fiscal year, with a considerable decline in imports and upward trend in exports.

The exports during July-September (2022-23) were recorded at $7.125 million against the exports of $6.996 billion in July-September (2021-22), showing a growth of 1.84 percent, according to data released b Pakistan Bureau of Statistics (PBS) here Tuesday.

On the other hand, the imports of the country decreased by 12.72 percent during the period under review by going down from $18.715 billion last year to $16.334 during the current year.

Based on the figures, the trade deficit was recorded at $9.209 billion this year against the deficit of $11.719 billion last year, showing a decline of 21.42 percent, according to the data.