Exports of services increase by 3.45% in five months

F.P. Report

ISLAMABAD: The exports of services witnessed increase of 3.45 percent during the first five months of the current fiscal year compared to the corresponding period of last year.

The exports of services from the country were recorded at $2.076 billion during July-November (2017-18) against the exports of $2.007 billion during July-November (2016-17), showing growth of 3.45 percent, according to the latest data of Pakistan Bureau of Statistics.

The imports of services into the country also increased by 7.69 percent by growing from $3.874 billion last year to $4.172 billion during the first five months of current fiscal year.

Based on the figures, the deficit in services trade was recorded at $2.095 million compared to the deficit of $1.876 billion, showing growth of 12.24 percent increased in trade deficit.

Meanwhile, on year-on-year basis, the export of services witnessed nominal decrease of 0.42 percent in November 2017 when compared to the imports of same month of last year. The exports of services during November 2017 were recorded at $406.88 million compared to the exports of $408.61 million in November 2016.

The imports into the country increased by 16.24 percent by growing from $744.90 million during last November to $865.89 million in November 2017, the PBS data revealed. On month-on-month basis, the exports of services increased by 0.16 percent in November 2017 when compared to the exports of $406.24 million in October 2017.

The imports also increased by 8.39 percent in November 2017 compared to the imports of $798.88 million in October 2016, the data revealed.

It is pertinent to mention that the merchandize exports from the country during the first half of the current fiscal year increased by 11.24 percent when compared to the same period of last year.

The merchandize exports from the country during July-December (2017-18) were recorded at $11.007 billion against the exports of $9.895 billion during July-December (2016-17), according to PBS data.

On the other hand, the merchandize imports into the country during the first six months of the current fiscal year were recorded at $28.970 billion against the exports of $24.323 billion during last year, showing an increase of 19.11 percent.

Based on the figures, the trade deficit during the first half of current fiscal year was recorded at $17.963 million against the deficit of $14.428 percent, showing growth of 24.50 percent, according to PBS data.