Trade deficit for services shrinks by 47.24% in August

October 10, 2018 (MLN): Pakistan’s trade deficit with respect to services imported and exported during the month of August, the second month of the current fiscal year has reduced by 47.24% over the previous month and by 42.29% compared to the corresponding period of the last fiscal year when measured in US dollars.

When measured in Pakistani rupee, Pakistan’s trade deficit in terms of services exported and imported has fallen by 47.48% in August after being recorded at Rs 32.56 billion during that month, compared to Rs 62 billion in the prior month. Compared to last year, in rupee terms, the country’s trade deficit has decreased by 32.16% as last year a deficit of Rs 48 billion had been recorded.

According to the recent statistics, export of services has increased to $452.03 million in August 2018 against exports worth $406.23 million during the previous month, thus showing an increase of 11.27% in a single month.

On yearly basis, the exports of services has increased by 5.82% as it stood at $427.16 million during the corresponding period of last year.

The import of services during the month of August has decreased by 20.97% as it went down to $715.12 million from $904.87 million in July 2018, according to the latest data released by Pakistan Bureau of Statistics (PBS).

On a yearly basis, the import of services in August 2017 was $883.03 million showing a decline of 19.02%.

Copyright Mettis Link News