December 12, 2018: The exports of services from the country surged by 14.28 percent to $470 million in October against the exports during same month of previous year.
The trade deficit of services also fell sharply by 49.05 percent during the month as it decreased to $195 million against the trade deficit of $382 million in same month of previous year, according to latest data of Pakistan Bureau of Statistics (PBS).
The imports of services declined by 16.25 percent to $665 million in the corresponding month as compared to import of $794.02 million in October 2017.
Meanwhile the trade deficit of services during first four months of current fiscal year (2018-19) also shrank by 33.75 percent as exports increased by 2.13 percent and imports fell by 15.47 percent during the period under as compared to the period from July-October (2017-18).
The data shows that the service trade deficit contracted to $1.099 billion during July-October 2018-19 from $1.658 billion in same period of last year.
The services exports also increased to $1.76 billion from $1.723 billion in first four months of previous year whereas the imports during the period under review were recorded at $2.859 billion against imports of $3.38 billion in the corresponding period of last year.
It is pertinent to mention here that merchandize exports during first five months of current fiscal year increased by 1.29 percent as compared to the exports of corresponding period of last year.
The exports from the country during the period under review reached to US$ 9.12 billion against exports worth of $9.004 billion during same period of previous year, according to latest data released by Pakistan Bureau of Statistics (PBS) on Tuesday.
The trade deficit during July-November (2-018-19) shrank by 2.03 percent to $14.513 billion against $14.814 billion recorded during first five months of last fiscal year.
