Services’ exports up by 17.71% in 11 months

F.P. Report

ISLAMABAD: The exports of services from the country witnessed an increase of 17.71 percent during the first eleven months of the current financial year (2021-22) as compared to the corresponding period of last year, the Pakistan Bureau of Statistics (PBS) reported.

The exports of services during July-May (2021-22) were recorded at US$ 6,318.11 million against the exports of US$5,367.36 million during July-May (2020-21), showing a growth of 17.71 percent.

The services’ imports also rose by 35.49 percent growing from US$ 7,590.19 million last year to US$10,284.29 million during the period under review.

Based on the figures, the services trade deficit was recorded at the US $ 3,966.18 million this year against the deficit of US $ 2,222.83 million during the last fiscal year, showing an increase of 78.43 percent.

On a year-on-year basis, the services exports during the month of May 2022 grew by 9.38 percent to US$ 514.11 million against the exports of US $ 470.02 million during May 2021.

The imports also grew by 48.50 percent from US$602.05 million last May to the US $ 894.04 million in May 2022, according to the data.

On a month-on-month basis, the exports from the country declined by19.93 percent as compared to the exports of US $ 642.10 million in April 2022. The imports also went down by 13.96 percent as compared to the imports of US $1,039.07 million in April 2022, the data revealed.

Meanwhile, the merchandise exports from the country witnessed an increase of 25.51 percent during the fiscal year 2021-22 as compared to the corresponding period of last year.

The exports from the country were recorded at $31.760 billion during July-June (2021-22) against the exports of $25.304 billion recorded during July-June (2020-21), showing growth of 25.51 percent.

The imports during the year under review also went up by 41.93 percent by growing from $56.380 billion last year to $80.019 billion in July-June (2021-22).

Based on the data, the trade deficit during the period under review was recorded at $48.259 billion, showing an increase of 55.29 percent over the deficit of $31.076 billion recorded during last year, the PBS data revealed.

Meanwhile, on year-on-year basis, the exports of the country increased by 5.83 percent during June 2022 as compared to the exports of same month of last year. The exports during the month under review were recorded at $2.887 billion against the exports of $2.728 billion during the same month of last year.