Service sector trade deficit shrinks by 15.27% MoM in October

MG News | November 20, 2023 at 04:07 PM GMT+05:00
November 20, 2023 (MLN): The service sector of Pakistan posed a trade deficit of $172 million in October, reflecting a decline of 15.27% MoM as compared to a deficit of $203m recorded in the previous month, the latest data released by the State Bank of Pakistan (SBP) showed.
Conversely, on a year-on-year basis, the deficit rose by 2.15x YoY compared to a negative balance of $80m in October 2022.
Details made available by SBP revealed that the exports of services in October increased by 5.64% YoY to $656m compared to $621m in October 2022. Similarly, on a monthly basis, exports rose by 5.13% MoM compared to figures for September 2023.
Cumulatively in 4MFY24, services exports climbed by 3.34% YoY to $2.42 billion compared to exports of $2.34bn in 4MFY23.
Amongst the total exports, telecommunications, computers, and information services made the largest contribution with an amount of $893m in 4MFY24, witnessing an increase of 4.44% YoY compared to 4MFY23.
During October, these services contributed $238m, up by 7.69% YoY and 15.53% MoM.
During the review month, other business services held the second position, bringing $126m into the country.
In terms of growth, receipts from the exports of this section went down by 3.82% YoY compared to $131m in the same period last year.
On a monthly basis, other business services soared by 16.67% MoM compared to exports of $108m in September 2023.
Furthermore, the export of transport and travel services contributed an amount of $119m and $68m, respectively in the review period.
The imports of services during the year amounted to $828m, which rose by 18.12% YoY and 0.12% MoM.
Likewise, the imports during 4MFY24, stood at $3.26bn, up by 19.57% YoY compared with the number during 4MFY23.
Amongst the total imports, the largest expenditure was incurred on transport services for an amount of $423m, witnessing an upside of 28.57% YoY and 6.28% MoM.
The travel services cost the country around $169m, recording an increase of 1.81% YoY and 3.68% MoM.
Copyright Mettis Link News
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 156,180.94 423.57M | 0.51% 796.43 |
ALLSHR | 95,690.82 1,354.89M | 0.59% 557.25 |
KSE30 | 47,714.39 199.12M | 0.52% 247.40 |
KMI30 | 229,722.09 134.66M | 0.91% 2076.87 |
KMIALLSHR | 64,420.07 581.33M | 0.83% 532.01 |
BKTi | 41,969.52 122.61M | 0.50% 207.74 |
OGTi | 31,991.76 10.82M | 1.18% 372.62 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 116,775.00 | 117,335.00 114,960.00 | 1200.00 1.04% |
BRENT CRUDE | 68.45 | 68.69 67.01 | 1.01 1.50% |
RICHARDS BAY COAL MONTHLY | 84.00 | 0.00 0.00 | -0.40 -0.47% |
ROTTERDAM COAL MONTHLY | 93.35 | 93.50 93.15 | 0.50 0.54% |
USD RBD PALM OLEIN | 1,106.50 | 1,106.50 1,106.50 | 0.00 0.00% |
CRUDE OIL - WTI | 64.52 | 64.76 62.89 | 1.22 1.93% |
SUGAR #11 WORLD | 15.88 | 16.10 15.82 | -0.12 -0.75% |
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 |
---|