August 24, 2020 (MLN): Pakistan’s trade deficit in services stood at $362 million during the month of July 2020, signifying an increase of 62%, as compared to the previous month and a decline of 14% 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 $436 million. Amongst the total exports, Telecommunications, Computer and Information Services made the largest contribution with an amount of $162 million, showing an improvement of 41% as compared to SPLY.
Moreover, Transport services brought in an amount of $63 million into the country, i.e. down by 13% as compared to SPLY, while Government Goods and Services contributed $60 million into the national kitty, i.e. down by 30% as compared to SPLY.
On the contrary, the imports of services during the month amounted to $798 million. Amongst the total imports, the largest expenditure was incurred on Transport group for an amount of $211 million i.e. down by 32% as compared to SPLY, followed by the Travel Group which costed the country around $53 million i.e. lower by a whopping 75% as compared to SPLY.
While the export of Other business services totted up to $109 million i.e. down by 4% as compared to SPLY, the import of the same resulted in an expenditure of $424 million i.e. higher by 92% as compared to SPLY.
