The country’s services’ trade deficit narrowed by 10.93 per cent during the first 11 months of the current fiscal year as compared to the corresponding period of last year.
According to the latest data released by the Pakistan Bureau of Statistics (PBS), the services’ trade deficit during July-May (2015-16) was recorded at $2.217 billion compared to the deficit of $2.489 billion witnessed during July-May (2014-15).
The imports into the country during the period under review declined by 9.68 per cent. The imports during the 11 months were recorded at $7.196 billion compared to the imports of $7.967 billion during the last year.
On the other hand, the exports of services were recorded at $4.978 billion during the period compared to the exports of $5.477 billion, showing negative growth of 9.11 per cent.
Meanwhile, on year-on-year basis, the services imports into the country during the month of May 2016 witnessed increase of 10.39 per cent. The imports during May 2016 were recorded at $774.27 million compared to the imports of $701 million in May 2015.
The exports of services during May 2016 were recorded at $490.86 million compared to the exports of $317.99 million during May 2015, showing a surge of 54.36 per cent.
On month-on-month basis, the imports during May 2016 witnessed decline of 2.68 per cent compared to the imports of $795.60 million during April 2016.
The exports from the country during the month under review decreased by 13.92 per cent when compared to the exports of 570.21 million during April 2016, the PBS data revealed.