ISLAMABAD-The exports of services increased by 2 percent during the first two months of the current fiscal year as compared to corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported.
The services exports during July-August (2023-24) were recorded at $1,135 million as compared to the exports of $1,112 million during July-August (2022-23). The services’ imports into the country also increased by 24.69 percent by going up from $1,281 million last year to $1,598 million during the first two months of current fiscal year.
Based on the figures, the services’ trade deficit increased by 174.22 percent during the period under review by going up from $168 million last year to $463 million this year. Meanwhile, on year on year (YoY) basis, the services’ exports from the country increased by 2.34 percent by going up from $586.29 million in August 2022 to $600.03 million during August 2023. The imports also went up by 9.11 percent by growing from $723.35 million to $789.26 million, according to PBS data. On month on month (MoM) basis, the services exports increased by 12.14 percent in August 2023 when compared to exports of $535.07 million in July 2023. However, imports on MoM basis declined by 2.45 percent during the month under review when compared to imports of $809 million in July 2023.
Meanwhile, the merchandise the trade deficit contracted by 42.25 percent during the first quarter of the current fiscal year compared to the corresponding period of last year. The trade deficit from July-September (2023-24) was recorded at $5.289 billion as against the deficit of $9.159 billion in July–September (2022-23), showing negative growth of 42.25 percent. During the period under review, the exports decreased by 3.78 percent to $6.899 billion compared to the exports of $7.170 billion during the corresponding period of last year, according to the latest PBS data. On the other hand, the imports narrowed by 25.36 percent and were recorded at $12.188 billion compared to $16.329 billion last year.
PAKISTAN EARNS $70.969M BY
EXPORTING TRANSPORT SERVICES
Pakistan earned $70.969 million by providing different transport services in various countries during the first month of the current fiscal year (2023-24) as compared to the corresponding period of last year. This shows a decline of 5.32 percent as compared to $74.960 million earned through the provision of services during the corresponding month of the fiscal year (2022-23), the Pakistan Bureau of Statistics (PBS) reported.
During the month under review, the exports of sea transport services witnessed a decrease of 50.95 percent, going down from $19.960 million last year to $9.790 million during the months under review. Among the sea transport services, the exports of freight services dipped by 70.32 percent from $13.510 million last year to $4.010 million, whereas the exports of other sea transport services also decreased by 10.39 percent from $6.450 million to $5.780 million current year, the PBS data revealed. The exports of air transport rose by 7.43 percent going up from $53.120 million last year to $57.069 million during July 2023. Among the air transport services, the exports of passenger services increased by 2.97 percent, from $34.990 million to $36.030 million, whereas the exports of freight services dipped by 36.47 percent, from $3.290 million to $2.090 million, in addition, the export of other air transport services increased by 27.69 percent from $14.840 million to $18.949 million.