The services sector trade deficit narrowed by 49.50% as exports witnessed a growth of 5.73% during the first five months of the current fiscal year (5MFY23) as compared to the corresponding period of last year, the Pakistan Bureau of Statistics (PBS) reported. According to PBS data, services exports during July-November (2022-23) were recorded at $2.89 billion against the exports of $2.74 billion in July-November (2021-22), showing growth of 5.73% year-on-year, reports WealthPK.

On the other hand, the services’ imports declined by 15.51% from $4.45 billion last year to $3.76 billion during the period under review. Based on the figures, the services trade deficit was recorded at $865 million this year against a deficit of $1.71 billion during the last fiscal year, showing a decline of 49.50%.

Year-on-year, the services exports during November 2022 went up by 14% to $650 million against the exports of $569 million during November 2021. On the other hand, imports decreased by 26.51% from $973 million last November to $715 million in November 2022, according to the data.

Month-on-month, the services exports increased by 18.18% compared to exports of $550 million in October 2022. The imports also went up by 0.82% compared to imports of $709 million in October 2022, the data revealed. Meanwhile, during the first half of the current fiscal year, the merchandise trade deficit witnessed a decline of 32.65% compared to the corresponding period of last year.

The trade deficit during July-December (2022-23) was recorded at $17.133 billion against the deficit of $25.438 billion in July-December (2021-22), a decline of 32.65%. Exports during the period were recorded at $14.249 billion against $15.125 billion last year, showing a decline of 5.79%. On the other hand, imports witnessed a sharp decline of 22.63% falling from $40.563 billion last year to $31.382 billion during the current fiscal year.

Credit : Independent News Pakistan-WealthPk