Pakistan earns $681 million from transport services export

Pakistan earned $681.829 million by providing different transport services in various countries during the first eleven months of the fiscal year 2018-19.

This shows decrease of 21.11 percent when compared to $864.300 million earned through provision of services during the corresponding period of fiscal year 2017-18, Pakistan Bureau of Statistics (PBS) reported.

During the period under review, the exports of sea transport services declined by 4.69 percent, by going down from $40.820 million current year to $42.830 million during last year. Among the sea transport services, the exports of freight services decreased by 1.66 percent, from $14.780 million to $15.030 million during last year, whereas the exports of other sea transport services decreased by 6.33 percent, from $26.040 million to $27.800 million.

The exports of air transport services during the period under review also decreased by 25.09 percent by going down from $576.470 million current year to $769.530 million during last year.

Among the air transport services, the exports of passengers services decreased by 31.53 percent, from $324.880 million to $474.510 million during last year, whereas the exports of other air transport services decreased by 14.34 percent, from $243.610 million to $284.380 million.

The exports of road transport services during the period under review however witnessed an increase of 11.28 percent by going up from $50.340 million to $56.019 million during current year.

Among the road transport services, the exports of freight services also increased by 11.28 percent, from $50.340 million to $56.019 million during current year, while the export of postal and courier services also increased by 432.50 percent, from $1.600 million to $8.520 million.

It is pertinent to mention here that the country's services trade deficit narrowed by 28.22 per cent during the first eleven months of the current fiscal year compared to the corresponding period of last year.

The services trade deficit during July-May (2018-19) was recorded at US$ 3.944 billion against the deficit of US$ 5.496 billion during July-May (2017-18), showing decline of 28.22 per cent, the official data revealed.

The services' imports into the country during the period under review decreased by 14.45 per cent to US $8.837 billion from US $10.330 billion last year.

On the other hand, the exports of services from the country witnessed an increase of 1.21 per cent during the period.

The services exports during the first eleven months of the current fiscal year were recorded at US$ 4.892 billion against the exports of US$4.834 billion during the same period of last year.

The country’s services exports dipped by 4.64 per cent in May, Pakistan Bureau of Statistics (PBS) data showed on Tuesday.

Services exports during the month dipped to $434.08 million compared to $455.19m during the same month last year. The fall in monthly exports come after recording modest gains in the preceding months. Data for the cumulative period between July-May showed services exports marginally increasing by 1.21pc reaching $4.89bn.

On the other hand, imports receded by a massive 14.45pc to $8.83bn in July-May from $10.33bn over the corresponding months of last year.

Subsequently, the reduction sharply narrowed the services trade deficit by 28.22pc to $3.94bn against $5.49bn during the corresponding period last year.