Pakistan’s trade deficit in services contracts by 56% in March

April 23, 2020 (MLN): Pakistan’s trade deficit in services stood at $2.44 billion during the first nine months of Financial Year 2020, signifying a fall of 30%, as compared to the same period of last year

Likewise, the deficit during the quarter Jan-March was recorded at $744 million, which is around 24% higher than the previous quarter.

According to the latest figures published by the State Bank of Pakistan, the services trade deficit during March 2020 stood at $175 million against $399 million in February 2020, suggesting a drop of 56%.

The exports of services during the month of March amounted to $449 million, which brought the cumulative exports for the first nine months of the current Fiscal Year at $4.27 billion. Amongst the total exports, Telecommunications, Computer, and Information Services made the largest contribution with an amount of $1.05 billion, followed by Transport Group at $615 million.

On the contrary, the imports of services during the month amounted to $624 million, which brought the cumulative imports for the nine months at $6.68 billion. Amongst the total imports, the largest expenditure was incurred on the Transport group for an amount of $2.47 billion, followed by the Travel Group at $1.13 billion.

Copyright Mettis Link News