June 19, 2019 (MLN): Pakistan’s trade deficit in services for the month of May 2019 has broadened by 52.2%, when compared to the deficit recorded last month, as the figure shot up from $464 million to $706 million.
However, the trade deficit was reduced by 28.2% during the first 11 months of the current fiscal year i.e. July-May (2019), as the figure went down from 5,496 million recorded in the corresponding period of previous year to $3,946 million this year.
According to a detailed account of services trade published by the State Bank of Pakistan, the total imports of services for the month of May stood at $1,140 million, whereas total exports logged in at $434 million.
The trade deficit of $706 million in the month of May was clearly a result of import of other business services which amounted to $430 million, followed by import worth $354 million within the Transport sector.
On the other hand, the total imports of services for the period July-May were recorded at $8,838 million, whereas total exports stood at $4,892 million.
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