Services trade deficit shrinks 34.79% in seven months

ISLAMABAD:The services trade deficit shrank by 34.79 percent during the first seven months of the current fiscal year compared to the corresponding period of last year.

The services trade deficit during July-January (2018-19) was recorded at $2.091 billion against the deficit of $3.208 billion during July-January (2017-18), showing decline of 34.79 percent, official data revealed.

The services imports into the country during the period under review decreased by 18.11 percent to $5.169 billion from $6.313 billion last year, according to latest data of Pakistan Bureau of Statistics (PBS).

On the other hand, the services exports from the country declined slightly by 0.88 percent during the period. The services exports during the first seven months of current fiscal year were recorded at $3.078 billion against the exports of $3.105 billion during the same period of last year.

Meanwhile, on year-on-year basis, the services imports into the country reduced by 26.11 percent by declining from $0.904 billion in January 2018 to $0.668 billion in January 2019, the data revealed.

The exports from the country, however, increased by 6.95 percent by going up from $0.440 billon during January 2018 to $0.471 billion in January 2019.

Based on the figures, the deficit during the month was recorded at $0.196 billion against the deficit of $0.463 billion in January 2018, showing decline of 57.58 percent on year-on-year basis.

On the other hand, the imports on month-on-month basis, decreased by 20.23 percent in January 2019 when compared to the imports of $0.837 billion in December 2018.

The exports increased by 0.31 percent in January 2019 when compared to the exports of $0.470 billion in December 2018, according to the data.