By Irfan Ahmed ISLAMABAD, April 18 (INP-WealthPK): Pakistan’s trade deficit in the services sector from July-February period of fiscal year 2021-22 was recorded at $2.592 billion against $1.288 billion during the corresponding period of FY21, showing an increase of 101.25%, according to data released by Pakistan Bureau of Statistics (PBS). Exports of services from the country witnessed an increase of 18.17% to $4.492 billion during the first eight months of the current financial year as compared to the corresponding period of last year, reported WealthPK. The services imports also rose by 39.20%, growing from $5.089 billion last year to $7.084 billion during the period under review. [caption id="attachment_66102" align="aligncenter" width="696"] Source: PBS website/WealthPK research[/caption] On a year-on-year (YoY) basis, the exports of services during February 2022 grew by 13.73% to $547.07 million against the exports of $481.02 million during February 2021. The imports of services also grew by 25.34% from $663.01 million in February last year to $831.01 million in February 2022, the PBS data revealed. The country’s services trade deficit expanded 56.02% on a YoY basis to $283.94 million in February 2022, against $181.01 million in February 2021. [caption id="attachment_66101" align="aligncenter" width="696"] Source: PBS website/WealthPk research[/caption] According to the PBS, the country’s services trade deficit shrank 41.44% on a month-on-month (MoM) basis to $283.94 million in Feb 2022, against $484.91 million in January 2022. On a MoM basis, imports of services fell by 17.40% in February 2022 to $831.01 million from $1,006.04 million in January 2022.  Furthermore, the export of services increased by 4.98% in February 2022 to $547.07 million from $521.13 million in January 2022, the data revealed. The services exports of the country witnessed an increase of 18.17% during the first eight months of the financial year 2021-22 as compared to the corresponding period of the last fiscal year. The country’s exports of services were worth $4,492.02 million from July-February 2021-22 against $3,801.18 million during the same period of the previous fiscal year. Pakistan’s overall exports increased by 25.88% and remained at $20.547 billion in the first eight months of the current fiscal year as compared to $16.323 billion during the same period of the previous fiscal year. The country’s overall imports climbed by 55.08% in the first eight months of the current fiscal year, reaching $52.506 billion, up from $33.858 billion in the same period the previous year. Pakistan's overall trade deficit was $31.959 billion from July-February FY22, compared to $17.535 billion in the same period of FY21.