ISLAMABAD                -            The country’s services trade deficit contracted by 33.41 percent during the first ten months of the current financial year as compared to the corresponding period of last year.

During the period under review, country’s services exports declined by 7.60%, whereas services’ imports narrowed by 18.89%, according the trade statistics of the Pakistan Bureau of Statistics (PBS).

During the period from July-April (2019-2020), the exports reached to $4.668 billion against the exports of $5.052 billion during the same period of last year, it added.

Meanwhile, the services imports witnessed decrease of 18.89 % and went down from $8.982 billion in first ten months to $7.285 billion of the same period of current financial year, it said.

Based on the figures, the services trade deficit during the period under review was recorded at $2.617 billion against the deficit of $3.929 during last year, showing decline of 33.41%.

On year-on-year basis, the exports from the country decreased by 14.63% during April 2020 as against the exports same month of last year.

The exports during April 2020 were recorded at $414.97 million against the exports of $486.08 million in April 2019.

The imports also witnessed decrease of 36.98% during the month as these went down from $928.14 million in April 2019 to $584.90 million in April 2020.

On month-on-month basis, the exports from the country decreased by 8.78% in April 2020 when compared to the exports of $454.91 in million in March 2020.

On the other hand, the imports into the country decreased by 8.04 % in April 2020 when compared to the imports of $636.02 million in March.

Meanwhile, the country’s merchandise trade deficit witnessed significant reduction in first ten months (July-April) of current financial year and declined by 25.68% as compared to the corresponding period of last year. During the period under review country’s exports registered about 3.92% decrease, whereas imports witnessed sharp decline of 16.50%, the PBS reported

It is pertinent to mention that the country’s merchandise trade deficit also witnessed significant reduction in the first eleven months of current financial year and declined by 27.77% as compared to the corresponding period of last year.

The country’s deficit during July-May (2019-20) stood at $21.058 billion against the deficit of $29.154 billion during July-May (2018-19), according to the data.