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 135,939.87
307.74M
-0.41%
-562.67
ALLSHR 84,600.38
877.08M
-0.56%
-479.52
KSE30 41,373.68
101.15M
-0.43%
-178.94
KMI30 191,069.98
82.45M
-1.17%
-2260.79
KMIALLSHR 55,738.07
422.01M
-1.03%
-577.24
BKTi 38,489.75
45.79M
-0.02%
-8.33
OGTi 27,788.15
6.87M
-1.24%
-350.24
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 116,880.00 120,695.00
116,090.00
-3355.00
-2.79%
BRENT CRUDE 68.79 69.41
68.60
-0.42
-0.61%
RICHARDS BAY COAL MONTHLY 96.50 96.50
96.50
0.50
0.52%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.25
-2.05
-1.92%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.65 67.13
66.22
-0.33
-0.49%
SUGAR #11 WORLD 16.56 16.61
16.25
0.26
1.60%

Chart of the Day


Latest News
July 15, 2025 at 05:46 PM GMT+05:00

Labubu Mania drives Pop Mart’s profit surge


July 15, 2025 at 05:22 PM GMT+05:00

Big industry output rises 2.29% in May


July 15, 2025 at 04:22 PM GMT+05:00

SYS set for 71% profit surge on global tailwinds



Top 5 things to watch in this week

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