Services trade deficit narrows by 7pc in 9 month
ISLAMABAD—The country’s services’ trade deficit narrowed by 6.9 percent during the first three quarters of the current fiscal year as compared to the corresponding period of last year.
According to the latest data released by Pakistan Bureau of Statistics (PBS), the services’ trade deficit during July March (2015 16) was recorded at $1.637 billion compared to the deficit of $1.759 billion witnessed during July March (2014 15). The imports into the country, during the period under review, declined by 15.55 percent. The imports during the period were recorded at $5.501 billion compared to the imports of 6.513 billion during last year.
On the other hand the exports of services were recorded at $3.863 billion during the period compared to the exports of $4.754 billion, showing negative growth of 18.75 percent. Meanwhile, on year on year basis, the services imports into the country during the month of March 2016 witnessed decrease of 20.32 percent. The imports during March 2016 were recorded at $593 million compared to the imports of $744 million in March 2015.
The exports of services during March 2016 were recorded at $407 million compared to the exports of $438 million during March 2015, showing decline of 7.04 percent.
On month on month basis, the imports during March 2016 witnessed increase of 10.25 percent compared to the imports of $538 million during February 2016. The exports from the country during the month under review increased by 22.79 percent when compared to the exports of 332 million during February 2016, the PBS data revealed.
Meanwhile, during the first ten months of current fiscal year, the merchandise imports into the country declined by 3.70 percent during compared to the corresponding period of last year.
Imports into the country during July-April (201516) were recorded at $36.338 billion, compared to the imports of $37.734 billion during July-March (2014-15), according to the data of Pakistan Bureau of Statistics (PBS). The exports from the country also witnessed negative growth of 12.99 percent by falling from $19.910 billion last year to $17.323 billion during the current year. Based on the figures, the overall trade deficit during the period under review was recorded at $19.015 billion compared to the deficit of $17.824 billion last year, showing increase of 6.68 percent.—APP