ISLAMABAD: Pakistan earned $3,765.97 million by exporting various services during the first half of the current fiscal year (2023-24), Pakistan Bureau of Statistics (PBS) reported.
The export of services during the same period of last year was recorded at $3,870.32 million, showing a decline of 2.70 percent during the first six months of the current fiscal year.
The services’ imports into the country increased by 25.50 percent by going up from $4,140.42 million last year to $5,196.02 million during the first six months of current fiscal year.
Based on the figures, the services’ trade deficit widened by 429.45 percent during the period under review by going up from $ 270.10 million last year to $1,430.06 million this year.
Meanwhile, on year on year (YoY) basis, the services’ exports from the country decreased by 6.93 percent by going down from $781.09 million in December 2022 to $726.94 million during December 2023.
The imports went up by 20.14 percent by growing from $734.12 million to $881.93 million, according to PBS data.
On month on month (MoM) basis, the services exports increased by 15.20 percent in December 2023 when compared to exports of $631.03 million in November 2023.
The imports on MoM basis also increased by 2.90 percent during the month under review when compared to imports of $857.04 million in November 2023.
It is pertinent to mention here that the merchandize exports from the country witnessed an increase of 7.89 percent during the first seven months of the current fiscal year (2023-34) compared to the corresponding period of last year.
According to the latest PBS data, exports from the country increased up to $17.782 billion during July-January (2023-24) as against the exports of $16.481 billion in July-January (2022-23), showing a growth of 7.89 percent.
On the other hand, imports into the country declined by 14.11 percent to $30.949 billion this year against the imports of $36.034 billion last year.
Based on the figures, the trade deficit during the first seven months of the current fiscal year was recorded at $13.167 billion against the deficit of $19.553 billion last year, showing a sharp decline of 32.66 percent.
