Services trade deficit dips by 23.84pc

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The services trade deficit of the country during first five months of fiscal year 2014-15 decreased by 23.84 percent with exports increased by 18.6 percent and imports by 1.85 percent.

According to the data of Pakistan Bureau of Statistic (PBS), the overall services exports were recorded at US $2.376 billion during July-November 2014-15 against $ 2.003 billion during same period of last year.

Similarly, the imports of services increased from $3.31 billion in July-November 2013-14 to $3.371 billion during the corresponding period this year. Thus the overall trade deficit during the period under review was recorded at $995.5 million against 1.307 million last year.

On month on month basis, the services trade deficit surged by 27.97 percent going up from $215.27 million in October 2014 to $275.49 million in November. The exports, however, decreased by 20.12 percent in November to $296.2 million against $370.81 million during October 2014.

Similarly, the imports of services also witnessed decrease of 2.46 percent by going down from $586.08 million in October to $571.69 million in November 2014.

On year on year basis, the services trade deficit also decreased by 23.35 percent in November 2014 as compared to that of November 2013. The exports during the period under review decreased by 12.65 percent while the imports also plunged by 18.15 percent.