Services sector reports a deficit of $39mn in February

News Image

MG News | March 20, 2023 at 10:34 PM GMT+05:00

0:00

March 20, 2023 (MLN): The service sector of Pakistan posed a trade deficit of $39 million in February 2023, improving by 90% YoY as compared to $411mn in February 2022, the monthly data released by the State Bank of Pakistan (SBP) showed today.

To note, this sector posted a trade surplus of $18mn in the previous month.

Cumulatively, in 8MFY23, the trade deficit in services clocked in at $340mn, narrowing by 89% YoY as compared to $3.14bn in the corresponding period last fiscal year.

Details made available by SBP revealed that the exports of services in February amounted to $574mn, i.e., up by 5.7% YoY while on monthly basis, it has inched down by around 5.9% MoM.

Amongst the total exports, telecommunications, computers, and information services made the largest contribution with an amount of $195mn, witnessing a drop of 3% YoY while on monthly basis, it inched up by 2.63% MoM.

This is followed by other business services that brought $110mn into the country. In terms of growth, receipts from the exports of other business services moved down by 15.38% MoM and 19.7% YoY.

Moreover, the export of transport and travel services contributed an amount of $58mn and $112mn, respectively.

On the other hand, the imports of services during the month amounted to $613mn, slumped by 35.74% YoY whereas, on monthly basis, it edged higher by 3.54% MoM.

Amongst the total imports, the largest expenditure was incurred on transport services for an amount of $292mn i.e., down by 54.08% YoY while on a sequential basis, the import bill of the same service increased by 3.18% MoM.

Next up were other business services which cost the country around $115mn i.e., observing a jump of 37% MoM and 17.34% YoY.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 156,177.82
367.85M
-0.00%
-3.12
ALLSHR 95,630.38
1,498.37M
-0.06%
-60.44
KSE30 47,678.47
206.79M
-0.08%
-35.92
KMI30 229,682.22
174.86M
-0.02%
-39.87
KMIALLSHR 64,366.76
638.47M
-0.08%
-53.31
BKTi 41,922.80
89.51M
-0.11%
-46.72
OGTi 31,735.79
16.87M
-0.80%
-255.97
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 115,800.00 117,685.00
114,850.00
-1290.00
-1.10%
BRENT CRUDE 67.78 68.59
67.62
-0.69
-1.01%
RICHARDS BAY COAL MONTHLY 84.00 0.00
0.00
-0.40
-0.47%
ROTTERDAM COAL MONTHLY 93.50 93.50
93.50
0.15
0.16%
USD RBD PALM OLEIN 1,106.50 1,106.50
1,106.50
0.00
0.00%
CRUDE OIL - WTI 63.82 64.67
63.69
-0.70
-1.08%
SUGAR #11 WORLD 16.23 16.59
16.23
-0.33
-1.99%

Chart of the Day


Latest News
September 18, 2025 at 12:19 AM GMT+05:00

Pakistan, Saudi Arabia sign Strategic Mutual Defense Agreement


September 17, 2025 at 11:55 PM GMT+05:00

Fed delivers 25 basis-point rate cut


September 17, 2025 at 05:37 PM GMT+05:00

Auction Result: Govt raises Rs201bn through T-bills


September 17, 2025 at 04:59 PM GMT+05:00

Hala Enterprises to increase weaving capacity by 75%


September 17, 2025 at 04:11 PM GMT+05:00

PSX Closing Bell: Flatlined but Holding On



Top 5 things to watch in this week

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