Services exports decline by 6.29 percent in FY2017-18

The exports of services from the country witnessed a negative growth of 6.29 percent during financial year 2017-18 as compared to the corresponding period of last year.

The services exports during July-June (2017-18) were recorded at $5.205 billion against the exports of $5.554 billion during July-June (2016-17), according to the latest data released by Pakistan Bureau of Statistics (PBS).

The imports of services into the country increased from $9.893 billion last year to $10.376 billion during FY 2017-18, showing positive growth of 4.88 percent.

Based on the figures, the services trade deficit during the fiscal year 2017-18 fiscal year witnessed growth of 19.18 percent by going up from the deficit of $4.338 billion last year to $5.171 billion during FY2017-18.

Meanwhile, on year-on-year basis, the services exports from the country during the month of June 2018 decreased by 2.32 percent compared to the same month of last year.

The services exports during June 2018 were recorded at $444.88 million against the exports of $455.45 million in June 2017, the PBS data revealed.

The imports of services on year-on-year basis also decreased by 5.53 percent by going down from $913.25 million in June 2017 to $881.02 million in June 2018.

On month-on-month basis, the exports of services from the country, however, witnessed positive growth of 1.24 percent in June 2018 when compared to the exports of $539.42 million during May 2018.

On the other hand, the imports of services into the country decreased by 0.58 percent in June 2018 when compared to the imports of $886.15 million in May 2018, according to the data of PBS.

(APP)