January 17, 2024 (MLN): The service sector of Pakistan posed a trade deficit of $155 million in December, reflecting a decline of 31.42% MoM, as compared to a deficit of $226m recorded in the previous month, the latest data released by the State Bank of Pakistan (SBP) showed.
Comparison on a yearly basis shows that the country reported a surplus of $47 m in trade of services in the Same Period Last Year (SPLY).
Details made available by SBP further revealed that the exports of services in December went down by 6.91% YoY to $727m compared to $781m in December 2022.
Conversely, on a month-wise basis, exports rose by 15.21% MoM compared to the figures for November 2023.
Cumulatively in 6MFY24, services exports dropped by 2.69% YoY to $3.766bn compared to exports of $3.87bn in 6MFY23.
Amongst the total exports in the review month, Telecommunications, Computer, and Information Services made the largest contribution with an amount of $303m in December, witnessing an increase of 22.67% YoY compared to exports in SPLY.
Meanwhile, Other Business Services held the second position, bringing $150m in December into the country.
In terms of growth, receipts from the exports of this section went down by 2.6% YoY compared to $154m in the same period last year.
On a sequential basis, other business services surged by 10.29% MoM compared to exports of $136m in November 2023.
Furthermore, the export of transport and travel services contributed an amount of $58m and $65m, respectively in the review period.
The imports of services during the year amounted to $882m, which rose by 20.16% YoY compared to imports worth $734m in SPLY.
On a monthly basis, imports have increased compared to $857m recorded in the previous month.
Going forward, the imports during 6MFY24, stood at $5.196bn, up by 25.51% YoY compared with the number during 6MFY23.
Amongst the total imports, the largest expenditure was incurred on Transport for an amount of $426m, witnessing a decrease of 25.64% YoY, while by 0% MoM.
The Other Business Services services cost the country around $179m, recording a decrease of 2.6% YoY, while going up by 10.29% MoM.
Copyright Mettis Link News
Posted on: 2024-01-17T10:23:12+05:00
