October 20, 2021 (MLN): Pakistan’s trade deficit in services worsen by 34.5% YoY to $717million during the first quarter of the fiscal year 2022 from $533mn in the same period of the previous fiscal year.
According to the figures published by the State Bank of Pakistan, the trade deficit in services in September’21 expanded by 23% YoY to $117million from $95mn in the same month a year ago.
However, on a sequential basis, the country’s trade deficit in services improves by 65.2% MoM.
Details made available by SBP revealed that the exports of services during the month amounted to $551mn, i.e., up by 1.2%MoM and 15.75%YoY. Amongst the total exports, Telecommunications, Computer and Information Services made the largest contribution with an amount of $215mn, showing an improvement of 36% as opposed to the $158mn recorded in September’20. However, on a sequential basis, the exports of the same services went down by 4% MoM. This is followed by Other Business Services that brought $130mn into the country. Receipts from the exports of Other Business Services swelled by 22.64% YoY, while on monthly basis, the export of the same commodity witnessed a drop of 3.7%.
Moreover, the export of Transport and Travel Services contributed an amount of $45mn and $44mn, respectively.
On the contrary, the imports of services during the month amounted to $668mn, showing a decline of 24% MoM while it increased by 17% as compared to SPLY.
Amongst the total imports, the largest expenditure was incurred on Transport services for an amount of $310mn i.e., up by 57% YoY, while compared to previous month it remained unchanged. Next up was Other business services which cost the country around $125mn i.e., lower by 58% MoM and 28.5% MoM in September’21.
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