February 23, 2021 (MLN): Pakistan’s trade deficit in services stood at $126 million during the month of January 2021, signifying a decline of 10%, as compared to the previous month and 36% as compared to the same period of last year (SPLY).
This brings the total deficit for 7MFY21 to $1.115 billion, which demonstrates a drop of 41% 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 $522 million, i.e. down by 17% MoM and up by 2% YoY. Amongst the total exports, Telecommunications, Computer and Information Services made the largest contribution with an amount of $161 million, showing a decline of 17% as compared to the previous month but an increase of 26% as opposed to the SPLY.
Moreover, export of Transport and Travel Services brought in an amount of $52 million and $53 million respectively into the country.
On the contrary, the imports of services during the month amounted to $648 million, showing a decline of 16% as compared to the previous month and 8% as compared to SPLY. Amongst the total imports, the largest expenditure was incurred on Transport group for an amount of $254 million i.e. down by 17% YoY and 10% MoM, followed by the Travel Group which costed the country around $63 million i.e. lower by 50% YoY and 20% MoM.
While the export of Other business services totted up to $116 million i.e. down by 16% as compared to SPLY, the import of the same resulted in an expenditure of $233 million i.e. down by 89% as compared to SPLY.
