Pakistan’s trade deficit in services drops by 54% YoY in September

October 21, 2020 (MLN): Pakistan’s trade deficit in services stood at $77 million during the month of September, signifying an increase of 6% as compared to the previous month and 20% as compared to the same period of last year.

Likewise, the deficit during the quarter Jul-Sep of the ongoing Fiscal Year was recorded at $539 million, which is around 6% lower than the same quarter of previous year.

According to the latest figures published by the State Bank of Pakistan, the exports of services during the month amounted to $463 million, showing an increase of 30% MoM and 13% YoY. Amongst the total exports, Telecommunications, Computer and Information Services made the largest contribution with an amount of $158 million, followed by Government Goods and Services at $115 million.

On the contrary, the imports of services during the month amounted to $540 million, depicting an increase of 18% MoM and 6% YoY. Amongst the total imports, the largest expenditure was incurred on Transport group for an amount of $194 million, followed by the Travel Group at $74 million.

Other major items imported during the month include Telecommunications, Computer, and Information Services ($37 million), Insurance and Pension Services ($20 million) and Government Goods and Services ($17 million).

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