Exports of services drop 3% YoY duriing 1QFY20

October 21, 2019 (MLN): Pakistan’s services exports dropped by 3% YoY during Jul- Sept 2019 to $1.2 billion as against $1.26 billion in the same period last year, according to latest data released by State Bank of Pakistan.

The major exports of services were witnessed in the Business sector which recorded at $ 314 million, depicting a marginal decline from $311 million reported in Jul- Sept 2018. This was followed by Telecommunication sector whose services’ exports stood at $284 million (up by 12% YoY) and Government good and services whose exports logged in at $260 million (down by 25% YoY).

Exports of travel services during the period rose by 20% to $ 120 million while transport services exports witnessed a marginal decline to $203 million.

On the other hand, imports of services during the first three months of the current fiscal year grew by 4%YoY to stand at $2.42 billion against $2.34 billion last year. The rise in imports of services led the trade deficit in services to surge by 12% YoY during Jul-Sept 2019 to $1.2 billion. 

The major services that Pakistan imports from other countries include, Transport services, Travel services and other business services.

Services whose imports witnessed a decline included transportation, travel, telecom and insurance services by 1%, 7%, 21% and 11% to $889 million, $403 million, $88 million and $65 million respectively.

Whereas, the services whose imports observed a growth included other business services by 47% to $777 million, while financial services grew by 30% YoY.

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