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Trade deficit in services worsens by 24% in March 2019

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April 22, 2019 (MLN): Pakistan’s trade deficit in services ($237 million) worsened by 24% in March 2019, as compared to the prior month ($191 million) whereas cumulative deficit ($2.5 billion) for the 9 months of ongoing fiscal year (FY19) narrowed down by 41.3% over the year.

According to latest figures published by the State Bank of Pakistan, the deficit in trade of services is 42.5% lesser than a deficit of $412 million recorded for the same period last year.

This month’s higher deficit comes about due to a larger expansion in imports of services (logged in at $706 million, 16.7% higher than last month) than the expansion in its exports (logged in at $469 million, 13.3% higher than last month).

Remarkably enough, when placed against last year’s numbers the country managed to cut down on service import by over 17% while exports were enhanced by nearly 6%.

After accounting for the latest figures, the cumulative exports for FY19 have narrowed slightly by 0.5% while imports have been reduced by 21.8%, over the year.

According to SBP’s data, the import of transport (worth $273 million) and travel (worth $150 million) services increased the most as compared to last month, marking rises of 8% and 80% respectively.

Similarly when compared to last year’s numbers, the most significant rise in service export was witnessed in government services and miscellaneous business services. Meanwhile, import of transport service and miscellaneous services observed the largest declines, on a year-on-year basis.

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Posted on: 2019-04-22T13:04:00+05:00

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