August 20, 2021 (MLN): Pakistan’s trade deficit in services narrowed by 26% YoY to $232 million during the first month of the fiscal year 2021-22 i.e., July’21, from a deficit of $315mn recorded in the same month last fiscal year.
Details made available by the State Bank of Pakistan (SBP) revealed that the exports of services during July’21 valued at $483mn, i.e., up by 6% YoY. Amongst the total exports, Telecommunications, Computer and Information Services made the largest contribution with an amount of $196mn, showing an improvement of 20% YoY in July’21.
This is followed by Other Business Services that brought $129mn into the country. Receipts from the exports of said services swelled by 22% YoY during the said month. The country witnessed the export earnings of $61mn from Government Goods and Services that plunged by 9% YoY.
Moreover, the country earned $44mn from Travel Services, marking a colossal growth of 76% YoY while the export of Transport contributed an amount of $36mn, down by 52% YoY in the month of July’21.
On the other hand, the imports of services during July’21 amounted to $715mn, showing a decline of 7% YoY as opposed to $769mn reported in July’20.
Amongst the total imports, the largest expenditure was incurred on Transport services for an amount of $270mn i.e., up by 49% YoY when compared to the same period last previous fiscal year. This was followed by Other Business Services which cost the country around $214mn i.e., lower by 49% YoY in July’21.
