Service sector trade deficit shrinks by 15.27% MoM in October

News Image

MG News | November 20, 2023 at 04:07 PM GMT+05:00

0:00

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 138,597.36
256.32M
-0.05%
-68.14
ALLSHR 85,286.16
608.38M
-0.48%
-413.35
KSE30 42,340.81
77.13M
-0.03%
-12.33
KMI30 193,554.51
76.19M
-0.83%
-1627.52
KMIALLSHR 55,946.05
305.11M
-0.79%
-443.10
BKTi 38,197.97
16.53M
-0.59%
-225.01
OGTi 27,457.35
6.73M
-0.94%
-260.91
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 117,670.00 121,165.00
117,035.00
-1620.00
-1.36%
BRENT CRUDE 69.23 70.77
69.14
-0.29
-0.42%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
2.33%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
-0.30
-0.29%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.03 67.54
65.93
-0.20
-0.30%
SUGAR #11 WORLD 16.79 17.02
16.71
0.05
0.30%

Chart of the Day


Latest News
July 18, 2025 at 07:21 PM GMT+05:00

Pakistan strengthens UK trade links


July 18, 2025 at 05:36 PM GMT+05:00

Pakistan, China set to advance agricultural innovation


July 18, 2025 at 05:10 PM GMT+05:00

PSX Closing Bell: Riding High, Ending Low



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg