ISLAMABAD (APP) : The services’ trade deficit shrank by 88.26 percent during the first eleven months of the fiscal year 2022-23 as compared to the corresponding period of previous year, Pakistan Bureau of Statistics has reported.
The services trade deficit was recorded at $607.67 million during July-May (2022-23) against the deficit of $5,175.24 million during July-May (2021-22).
The exports of services during the period increased by 3.38 percent by going up from $6,438.33 million in 2021-22 to $6,655.82 million in the first eleven months of FY2022-23, according to PBS data.
On the other hand, the imports declined from $11,613.57 million to $7,263.49 million in FY2023, showing negative growth of 37.46 percent.
Meanwhile, on year-on-year basis, the export of services increased by 19.77 percent by growing from 515.14 million in May 2022 to $ 616.96 million in May 2023.
However, services imports into the country decreased by 11.84 percent, from $977.85 million to $862.11 million.
On month-on-month basis, the export of services increased by 19.78 percent in May 2023 when compared to the imports of 515.08 million in April 2023.
The imports of services also grew by 31.60 percent in May 2023 compared to imports of $655.10 million in April 2023, PBS reported.
It is pertinent to mention here that the merchandize trade deficit a decline of 43.03 percent during the fiscal year 2022-23 as compared to the previous year (2021-22).
The trade deficit during July-June (2022-23) was recorded at $27.547 billion against the deficit of $48.354 billion in July-June (2021-22), a decline of 43.03 percent.
The exports during the period were recorded at $27.744 billion against $31.782 billion last year, showing a decline of 12.71 percent.
On the other hand, the imports witnessed a sharp decline of 31 percent falling from $80.136 billion last year to $55.291 billion during the fiscal year 2022-23.
