The services trade deficit shrank by 26.22 percent as exports witnessed a growth of 4.63 percent during the first quarter (Q1) of the current fiscal year compared to the corresponding period of the last fiscal year, reports WealthPK.

According to the Pakistan Bureau of Statistics (PBS), exports during the first quarter (July-September) of Fiscal Year 22-23 were recorded at $1,694.96 million against the exports of $1,619.93 million in the corresponding period of FY2021-22, showing a growth of 4.63 percent.

On the other hand, services’ imports declined by 6.21 percent from US$2,497.28 million last year to US$2,342.31 million during the period under review. Based on the figures, the services trade deficit was recorded at US$647.35 million this year against a deficit of US$877.35 million during the last fiscal year, showing a decline of 35.49 percent.

On a year-on-year basis, the services exports during the month of September 2022 witnessed a decline of 1.76 percent to US$565.96 million against the exports of US $575.94 million during September 2021.

On the other hand, imports also decreased by 5.11 percent from US$778.14 million last September to the US$738.38 million in September 2022, according to the data.

On a month-on-month basis, the services exports went down by 1.4 percent compared to the exports of US$573.99 million in August 2022. Imports also went down by 7.83 percent compared to imports of US$801.13 million in August 2022, the data revealed.

Meanwhile, the merchandize trade deficit witnessed a decline of 26.59 percent in the first four months of the current fiscal year, with a considerable decline in imports and an upward trend in exports.

Exports from July-October (2022-23) were recorded at $9,549 million against the exports of $9,460 million in the corresponding period of 2021-22, showing a growth of 0.94 percent, according to the data.

On the other hand, imports decreased by 19.34 percent during the period under review from $25,084 million last year to $21,018 million during the current year.

Based on the figures, the trade deficit was recorded at $11,469 million this year against the deficit of $15,624 million last year, showing a decline of 36.22 percent, according to the data.

Credit : Independent News Pakistan-WealthPk