Services trade deficit contracts over 28.22%

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ISLAMABAD, Jul 15 (APP):The country’s services trade deficit narrowed by 28.22 per cent during the first eleven months of the current fiscal year compared to the corresponding period of last year.

The services trade deficit during July-May (2018-19) was recorded at US$3.944 billion against the deficit of US$ 5.496 billion during July-May (2017-18), showing decline of 28.22 per cent, official data revealed.

The services’ imports into the country during the period under review decreased by 14.45 per cent to US$8.837 billion from US$ 10.330 billion last year, according to latest data of Pakistan Bureau of Statistics (PBS).

On the other hand, the exports of services from the country witnessed an increase of 1.21 per cent during the period. The services exports during the first eleven months of the current fiscal year were recorded at US$ 4.892 billion against the exports of US$4.834 billion during the same period of last year.