Services trade deficit shrinks by 43% YoY in October

November 19, 2019 (MLN): Pakistan’s trade deficit in services dropped by 42.6% in October 2019 as compared to the same period of last year, and by 8.2% as compared to the previous month.

According to the latest figures published by the Pakistan Bureau of Statistics (PBS), the services trade deficit during October 2019 stood at $167 million, against $182 million in September 2019 and $291 million in October 2018.

The services trade deficit for the July-September FY20 stood at $1.368 billion, whereas last year’s deficit for the same period amounted to $1.367 billion, showing almost no change.

The exports of services during the month amounted to $531 million, which brought the cumulative exports for the first quarter of current Fiscal Year at $1.75 billion. Amongst the total exports, Government Goods and Services made the largest contribution with an amount of $132 million, followed by Telecommunications, Computer and Information Services at $123 million.

On the contrary, the imports of services during the month amounted to $231 million, which brought the cumulative imports for the quarter at $3.11 billion. Amongst the total imports, the largest expenditure was incurred on Transport group for an amount of $269 million, followed by the Travel Group at $138 million.  

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