ISLAMABAD, Mar 6 (APP): Pakistan earned $4,447.97 million by exporting various services during the first seven months of the current fiscal year (2023–24), the Pakistan Bureau of Statistics (PBS) reported.
The export of services, however, witnessed a decline of 2.42 percent when compared to the exports of $4,558.41 million during the same period last year.
The services’ imports into the country increased by 28.76 percent, going up from $4,790.38 million last year to $6,168.13 million during the first seven months of the current fiscal year.
Based on the figures, the services’ trade deficit widened by 641.56 percent during the period under review, going up from $231.97 million last year to $1,720.16 million this year.
Meanwhile, on a year-over-year (YoY) basis, the services’ exports from the country decreased by 1.47 percent, going from $688.10 million in January 2023 to $677.96 million in January 2024.
The imports went up by 53.09 percent, growing from $649.96 million to $995.04 million, according to PBS data.
On a month-to-month (MoM) basis, service exports decreased by 7.25 percent in January 2024 when compared to exports of $730.99 million in December 2023.
The imports on a MoM basis increased by 15.84 percent during the month under review when compared to imports of $859.00 million in November 2023.
Meanwhile, merchandise exports from July–February (2023–24) increased by 14.2 percent and were recorded at $20.341 billion compared to the exports of $17.815 billion during the same period of the last year.
The imports during the period decreased by 14.1 percent and reached $34.213 billion as compared to the imports of $39.810 billion in the same period last year.