Services’ exports increase by 17.2% in FY2022

ISLAMABAD, Aug 3 (APP): The exports of services from the country witnessed an increase of 17.20 percent during the financial year 2021-22 as compared to the corresponding period of last year, the Pakistan Bureau of Statistics (PBS) reported.

The exports of services during July-June (2021-22) were recorded at US$ 6,968.16 million against the exports of US$5,945.47 million during July-June (2020-21), showing a growth of 17.2 percent.

The services’ imports also rose by 43.52 percent growing from US$ 8,461.27 million last year to US$12,143.91 million during the period under review.

Based on the figures, the services trade deficit was recorded at the US $ 5,175.75 million this year against the deficit of US $2,515.80 million during the last fiscal year, showing an increase of 105.73 percent.

On a year-on-year basis, the services exports during the month of June 2022 grew by 11.75 percent to US$ 646.01 million against the exports of US $ 578.10 million during June 2021.

The imports also grew by 57.62 percent from US$871.08 million last June to the US $ 1,372.98 million in June 2022, according to the data.

On a month-on-month basis, the exports from the country went up by29.68 percent as compared to the exports of US $ 498.14 million in May 2022. The imports also went up by 37.95 percent as compared to the imports of US $995.25 million in May 2022, the data revealed.

Meanwhile, the merchandise exports from the country declined by 5.17 percent in July 2022 as compared to exports of July 2021. The exports during the month were recorded at US$2,219 million against the exports of US$2,340 million in last July.

The imports also declined by 12.81 percent to US$4,861 million in July 2022 compared to exports of US$5,575 million in July 2021.

Based on the figures, the merchandize trade deficit declined by 18.33 percent by going down form the deficit of US$3,235 million last July to US$2,642 million in July 2022, according to PBS data.