Services trade deficit shrinks by 26.52 pc in first quarter

ISLAMABAD, Nov 10: The country's services trade deficit during first quarter of fiscal year 2018-19 shrank by 26.52 percent as the exports increased 1.51 percent whereas the imports witnessed a sharp decline of 13.84 percent.

According to latest data released by Pakistan Bureau of Statistics (PBS), the services trade deficit during the period under review shrank to US$937 million  against the deficit of $1.276 billion in July-September 2017-18.

The services exports during first quarter recorded at $1.292 billion against the exports of $1.312 billion in same period of previous year.

Similarly, the services imports plunged to $2.229 billion in July-September 2018-19 from $2.588 billion in same period of the preceding year.

On year-on-year and month-on-month basis, the services trade deficit in September also decreased by 44.84 percent and 25.79 percent when compared with the trade deficit during September 2017 and August 2018.

The trade deficit went down from 339.03 million in September 2017, and $252 million in August 2018 to $187 million in September 2018.

Similarly, the services exports during the month of September 2018 also declined by 10.02 percent and 9.05 percent when compared to the exports during September 2017 and August 2018 respectively as the exports went down from $469 million and $464 million to $422 million in the corresponding month.

The services imports also witnessed a sharp increase from $808 million in September 2017 and $716 million in August 2018 to $609 million in September 2018, thus showing a decrease of 24.63 percent and 25.79 percent respectively.

(APP)