Trade deficit in services shrinks first time in four months

March 13, 2019 (MLN): Pakistan’s trade deficit in services for the month of January shrunk by 46.5% over prior month apprised Pakistan Bureau of Statistics (PBS) in its monthly report on trade, stating the deficit for the month at $196.5 million.

As compared to the same period last year, the deficit in service trade has narrowed down by 57.6 % as its crashed from a deficit of $463 million recorded in January 2018. 

The overall exports of services ($471 million) in January observed negligible change against previous month, where on the other hand the imports were cut down by 20.23%, logging in at $668 million as compared to $837 million recorded earlier.

Similarly, when compared to last year, the exports grew by nearly 7% in January 2019 while imports of services shrunk by 26%.

Following the same track, the cumulative trade in services for the seven months of ongoing fiscal year (FY19) witnessed a 34% decline in deficit which currently stands at $2.1 billion, down from $3.2 billion recorded last year.

The cumulative imports during this period narrowed down by 18% to $5.2 billion, down from $6.3 billion, while exports diminished by 0.88%.

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