Services trade deficit during first 11 months of Fiscal Year 2013-14 has increased by 56.48 percent with 20.83 percent decrease in exports and negative growth of 7.33 per cent in imports against the same period in the previous financial year.
On year to year basis, the services trade deficit decreased by 127.93 per cent in May 2014 when compared to that in the same month of the previous year, according to the latest data of Pakistan Bureau of Statistics (PBS).
According to break up figures, the exports of services from the country during July 2013 to May 2014 were recorded at $4.947 billion against $6.249 billion during July2012 to May 2013.
On the other hand, the imports into the country during the period under review were recorded at $7.016 billion against $7.571 billion during the corresponding period of last year.
Based on the figures, the trade deficit during July 2013 to May 2014 was recorded at $2.069 billion against $1.322 billion in July 2012 to May 2013.
Meanwhile, on year to year basis, the services exports from the country in May 2014 increased by 98.81 per cent to $772.42 million when compared to the exports of $388.52 million in May 2013.
On the other hand, the imports of services into the country decreased by 15 percent from $780.06 million in May 2013 to $663.05 million in May 2014, the PBS data revealed.
The deficit in May 2014 stood at $109.37 million against the deficit of $391.54 million in May 2013.