September 23, 2020 (MLN): Pakistan’s trade deficit in services stood at $102 million during the month of August 2020, signifying a decline of 72%, as compared to the previous month and 80% as compared to the same period of last year (SPLY).
This brings the total deficit for the months of July and August to $462 million, which demonstrates a drop of 50% as compared to the same period of last year.
According to the figures published by the State Bank of Pakistan, the exports of services during the month amounted to $353 million, i.e. down by 13% MoM and 17% YoY. Amongst the total exports, Telecommunications, Computer and Information Services made the largest contribution with an amount of $124 million, showing an improvement of 29% as compared to SPLY but a decline of 23% as opposed to the previous month.
Moreover, export of Government Goods and Services brought in an amount of $56 million into the country, i.e. down by 35% YoY and 7% MoM. Moreover, Transport services contributed $34 million into the national kitty, i.e. down by 45% YoY.
On the contrary, the imports of services during the month amounted to $455 million, showing a decline of 51% as compared to SPLY and 41% as compared to the previous month. Amongst the total imports, the largest expenditure was incurred on Transport group for an amount of $168 million i.e. down by 38% YoY and 7% MoM, followed by the Travel Group which costed the country around $54 million i.e. lower by 50% YoY but higher by 4% MoM.
While the export of Other business services totted up to $93 million i.e. down by 19% as compared to SPLY, the import of the same resulted in an expenditure of $157 million i.e. down by 64% as compared to SPLY.
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