The Pakistan Bureau of Statistics (PBS) announced that the services trade deficit decreased by 88.97% during the first seven months of the current fiscal year as exports increased by 6.39% compared to the same period last year.
According to PBS data, the country’s exports from July through January of 2022–23 totaled $4,196.76 million, up 6.39 percent from the $3,944.84 million in July through January of 2021–22.
On the other hand, imports of services decreased by 32.67% from $6,681.39 million in the previous year to $4,498.50 million throughout the course of the examined year.
According to the data, the services trade deficit decreased by 32.67% from the previous fiscal year’s deficit of US $2,736.56 million to US $301.74 million this year. When compared year over year, the exports of services in January 2023 increased by 17.31% to US$601.87 million from US$513.07 million in January 2022.
The imports, on the other hand, fell by 47.38% from US$1,110,04 million in January 2018 to US$584,10 million in January 2023, per the report. In comparison to the exports of US$735.10 million in December 2022, the country’s exports of services declined by 18.12% month over month. The imports also went down by 10.05 per cent as compared to the imports of US $649.38 million in December 2022, the data revealed.
It is important to note that, when compared to the same period last year, the nation’s goods trade deficit decreased by 33.18 percent over the first eight months of the current fiscal year. The trade deficit from July to February (2022-23) was $21.300 billion as opposed to $31.879 billion in the same period the previous year, a decrease of 33.18 percent.
Exports were registered at $18.793 billion during the period compared to $20.573 billion the previous year, a fall of 8.65 percent. Whereas imports experienced a steep reduction of 23.56 percent, going from $52.452 billion last year to $40.093 billion this fiscal year.
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