Service sector trade deficit shrinks 39% YoY in July

MG News | August 19, 2024 at 10:33 AM GMT+05:00
August 19, 2024 (MLN): The service sector of Pakistan posed a trade deficit of $159 million in July, reflecting a decline of 39.08% YoY as compared to a deficit of $261m recorded in the same month last year, the latest data released by the State Bank of Pakistan (SBP) showed.
Likewise, on a month-on-month basis, the service sector deficit shrank 61.03% compared to the $408m negative balance reported in the previous month.
Details made available by SBP further revealed that the exports of services in July went up by 5.78% YoY to $622m compared to $588m in July 2023.
Conversely, on a month-wise basis, exports dropped by 2.35% MoM compared to the figures for June 2024.
Amongst the total exports in the review month, Telecommunications, Computer, and Information Services made the largest contribution with an amount of $286m in July, witnessing an increase of 33.64% YoY compared to exports in SPLY.
Meanwhile, Other Business Services held the second position, bringing $128m in July into the country.
In terms of growth, receipts from the exports of this section went up by 16.36% YoY compared to $110m in the same period last year.
On a sequential basis, other business services surged by 8.47% MoM compared to exports of $118m in June 2023.
Furthermore, the export of transport and travel services contributed an amount of $58m and $59m, respectively in the review period.
The imports of services during the year amounted to $781m, which dropped by 8.01% YoY compared to imports worth $849m in SPLY.
On a monthly basis, imports have decreased compared to $1.045bn recorded in the previous month.
Amongst the total imports, the largest expenditure was incurred on Transport for an amount of $340m, witnessing a decrease of 14.57% YoY, while going up by 4.62% MoM.
The Travel services cost the country around $181m, recording an increase of 16.77% YoY and 37.12% MoM.
Copyright Mettis Link News
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 163,806.22 500.44M | -0.39% -638.50 |
ALLSHR | 99,845.79 1,977.49M | -0.42% -417.42 |
KSE30 | 50,123.85 153.24M | -0.68% -343.31 |
KMI30 | 238,530.50 71.49M | -0.36% -850.63 |
KMIALLSHR | 65,898.10 543.80M | -0.37% -245.35 |
BKTi | 46,380.96 92.15M | -0.49% -229.01 |
OGTi | 31,857.40 12.33M | -1.20% -387.93 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 106,925.00 | 109,470.00 103,745.00 | -1520.00 -1.40% |
BRENT CRUDE | 61.24 | 61.33 60.14 | 0.18 0.29% |
RICHARDS BAY COAL MONTHLY | 80.50 | 0.00 0.00 | -1.00 -1.23% |
ROTTERDAM COAL MONTHLY | 93.20 | 93.50 93.20 | 0.05 0.05% |
USD RBD PALM OLEIN | 1,085.00 | 1,085.00 1,085.00 | 0.00 0.00% |
CRUDE OIL - WTI | 57.11 | 57.29 56.15 | 0.12 0.21% |
SUGAR #11 WORLD | 15.53 | 15.88 15.45 | -0.27 -1.71% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|