ISLAMABAD: Pakistan gained $2,986.26 million from the export of various services from July to November of the current fiscal year, according to the Pakistan Bureau of Statistics (PBS).
The export of services was $3,089.23 million during the same period last year, representing a 3.33 percent decrease during the first five months of the current fiscal year.
Imports of services into the country increased by 20.67 percent in the first five months of the current fiscal year, from $3,406.86 million last year to $4,110.33 million.
According to the numbers, the trade imbalance in services increased by 254.51 percent over the study period, rising from $317.07 million last year to $1,124.06 million this year.
Meanwhile, on a year-on-year (YoY) basis, the country’s service exports fell by 15.85 percent, from $750.95 million in November 2022 to $631.93 million in November 2023.
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According to PBS data, imports increased by 22.74 percent, rising from $677.08 million to $831.07 million.
Services exports climbed by 6.38 percent month on month (MoM) in November 2023, compared to $594.01 million in October 2023.
However, MoM imports fell by 1.53 percent during the month under review, compared to $843.95 million in October 2023.
The Pakistan Bureau of Statistics (PBS) revealed that the country’s merchandise trade deficit shrank by 34.29 percent in the first half of the current fiscal year compared to the same period last year.
The trade deficit from July to December (2023-24) was $11.148 billion, compared to $16.965 billion from July to December (2022-23), representing a negative rise of 34.29 percent.
According to the most recent PBS data, exports climbed by 5.17 percent to $14.981 billion during the review period, compared to $14.244 billion during the same period previous year.
Imports, on the other hand, fell by 16.28% to $26.129 billion, down from $31.209 billion the previous year.
