Services sector reports a deficit of $39mn in February
March 20, 2023
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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.