ISLAMABAD, Sep 4 (APP):The export of various services witnessed 5.70 percent increase during the first month (July) of the current fiscal year as compared to the corresponding month of last year, Pakistan Bureau of Statistics (PBS) reported.
According to the latest PBS data, Pakistan earned $621.53 million from the export of services during July 2024 as compared to services’ export of $588.02 million in July 2023.
On the other hand, the services’ imports witnessed a decline of 8.07 percent during the month under review and were recorded at $780.50 million as compared to the exports of $848.97 million in July 2023.
Based on the figures, the services’ trade deficit shrank by 39.08 percent during the first month of the current fiscal year as compared to the corresponding period of previous year. The services trade deficit was recorded at $158.97 million during July 2024 against the deficit of $260.95 million during July 2023.
On month-on-month basis, the export of services decreased by 2.37 percent in July 2024 when compared to the imports of $636.60 million in June 2024.
The imports of services witnessed sharp decline of 25.34 percent in July 2024 compared to imports of $1,045.44 million in June 2024, PBS reported.
It is pertinent to mention here that the merchandize exports from the country increased by 14 percent during the first two months of the current fiscal year as compared to the corresponding months of last year.
Exports during July-August (2024-25) were recorded at $5.050 billion against $4.430 billion during July-August (2023-24), according to PBS data.
On the other hand, imports into the country also went up by 5.67 percent by growing from $8.165 million last year to $8.628 million during the first two months of the current year.
Based on the figures, the trade deficit during the months under review was recorded at $3.578 billion against the deficit of $3.735 billion last year, showing decline of 4.20 percent.