ISLAMABAD, Nov 3 (APP):The services trade deficit shrank by 26.22 percent as exports witnessed growth of 4.63 percent during the first quarter (Q1) of the current fiscal year as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported.
According to PBS data, the exports from the country during July-September (2022-23) were recorded at $1,694.96 million against the exports of $1,619.93 million in July-September (2021-22), showing growth of 4.63 percent.
On the other hand, the services’ imports declined by 6.21 percent from US$ 2,497.28 million last year to US$2,342.31 million during the period under review.
Based on the figures, the services trade deficit was recorded at the US $647.35 million this year against the deficit of US $877.35 million during the last fiscal year, showing a decline of 26.22 percent.
On year-on-year basis, the services exports during the month of September 2022 witnessed decline of 1.73 percent to US$565.96 million against the exports of US $575.94 million during September 2021.
On the other hand, the imports also decreased by 5.11 percent from US$778.14 million last September to the US $738.38 million in September 2022, according to the data.
On a month-on-month basis, the services’ exports from the country went down by 1.4 percent as compared to the exports of US $ 573.99 million in August 2022. The imports also went down by 7.83 percent as compared to the imports of US $801.13 million in August 2022, the data revealed.
Meanwhile, the merchandize trade deficit witnessed a decline of 26.59 percent in first four months of the current fiscal year, with a considerable decline in imports and upward trend in exports.
The exports during July-October (2022-23) were recorded at $9,549 million against the exports of $9,460 million in July-October (2021-22), showing a growth of 0.94 percent, according to PBS data.
On the other hand, the imports of the country decreased by 16.21 percent during the period under review by going down from $25,084 million last year to $21,018 million during the current year.
Based on the figures, the trade deficit was recorded at $11,469 million this year against the deficit of $15,624 million last year, showing a decline of 26.59 percent, according to the data.