March 22, 2021 (MLN): Pakistan’s trade deficit in services stood at $186 million during the month of February 2021, signifying a fall of 54%, as compared to the same period of last year while it increased by 14% against $163 million recorded in January 2021.
This brings the total deficit for 8MFY21 to $1.34 billion, which demonstrates a drop of 41% as compared to the same period of last year (SPLY).
According to the figures published by the State Bank of Pakistan, the exports of services during the month amounted to $484 million, i.e. up by 0.6% MoM and 3% YoY. Amongst the total exports, Telecommunications, Computer and Information Services made the largest contribution with an amount of $179 million, showing an increase of 11.2% as compared to the previous month and 69% as compared to SPLY.
Moreover, the export of Transport and Travel Services brought in an amount of $48 million and $50 million respectively into the country.
On the contrary, the imports of services during the month amounted to $670 million, showing a growth of 4% as compared to the previous month. However, imports of services witnessed a significant fall of 23.6% against $877 million recorded in February 2020. Amongst the total imports, the largest expenditure was incurred on Transport group for an amount of $247 million i.e. down by 14% YoY and 1.2% MoM, followed by the Travel Group which cost the country around $68 million i.e. lower by 54.4% YoY while it surged by 8% MoM during February 2021.
While the export of Other business services totted up to $106 million i.e. down by 8% as compared to SPLY, the import of the same result in an expenditure of $208 million i.e. down by 37% as compared to SPLY.
