The services trade deficit has narrowed by 47.62 percent during the first two months of the current fiscal year as imports into the country declined by 22.54 percent while the exports also showing negative growth of 10.48 percent.
The overall services imports into the country during July-August (2015-16) were recorded at $1.205 billion compared to the imports of $1.555 billion in July-August (2014-15), showing negative growth of 22.54 percent, the data of Pakistan Bureau of Statistics revealed.
On the other hand, the exports from the country were recorded at $0.940 billion compared to the exports of $1.050 billion, showing decrease of 10.38 percent, the data revealed.
Based on the figures, the services trade deficit during July-August (2015-16) was recorded at $0.264 billion compared to the deficit of $0.505 billion in July-August (2014-15), showing negative growth of 47.62 percent.
Meanwhile, on year-on-year basis, the import of services into the country in August 2015 decreased by 22.99 percent to $0.612 billion compared to the imports of $0.795 billion during last August.
On the other hand, the exports during the month under review decreased from $0.690 billion to $0.276 billion, showing decline of 60.64 percent. On month-on-month basis, the imports during August 2015 increased by 3.42 percent compared to the imports of &0.592 billion recorded in July whereas the exports from the country decreased by 58.44 percent in August 2015 compared to the exports of $0.664 billion during July 2015.