ISLAMABAD, Jan 5 (APP): The services trade deficit narrowed by 49.50 per cent as exports witnessed a growth of 5.73 per cent during the first five months of the current fiscal year as compared to the corresponding period of last year, the Pakistan Bureau of Statistics (PBS) reported.
According to PBS data, the exports from the country during July-November (2022-23) were recorded at $2,899.98 million against the exports of $2,742.84 million in July-November (2021-22), showing growth of 5.73 per cent.
On the other hand, the services’ imports declined by 15.51 per cent from US$ 4,456.41 million last year to US$3,765.41 million during the period under review.
Based on the figures, the services trade deficit was recorded at US $865.43 million this year against a deficit of US$1,713.57 million during the last fiscal year, showing a decline of 49.50 per cent.
On a year-on-year basis, the services exports during the month of November 2022 went up by 14.04 per cent to US$650.01 million against the exports of US $569.99 million during November 2021.
On the other hand, the imports decreased by 26.51 per cent from US$973.04 million last November to US$715.11 million in November 2022, according to the data.
On a month-on-month basis, the services exports from the country increased by 18.18 per cent as compared to the exports of US$550.00 million in October 2022. The imports also went up by 0.82 per cent as compared to the imports of US $709.28 million in October 2022, the data revealed.
Meanwhile, during the first half of the current fiscal year, the merchandize trade deficit witnessed a decline of 32.65 percent during the first half of the current fiscal year as compared to the corresponding period of last year.
The trade deficit during July-December (2022-23) was recorded at $17.133 billion against the deficit of $25.438 billion in July-December (2021-22), a decline of 32.65 percent.
The exports during the period were recorded at $14.249 billion against $15.125 billion last year, showing a decline of 5.79 percent.
On the other hand, the imports witnessed a sharp decline of 22.63 percent by falling from $40.563 billion last year to $31.382 billion during the current fiscal year.