Services exports increase by 23pc in 1st quarter

ISLAMABAD - The exports of services from the country witnessed an increase of 23.20 percent during the first quarter of current financial year (2021-22) as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported on Wednesday. The exports of services during July-September (2021-22) were recorded at $1572.04 million against the exports of $1275.97 million in July-September (2020-21), showing growth of 23.20 percent. The imports from the country also rose by 26.54 percent by growing from $1809.08 million last year to $2289.25 million during the period under review. Based on the figures, the services’ trade deficit widened by 34.53 percent to $717.21 million during the first three months of the current year as compared to the deficit of $533.11 million last year. Meanwhile, on year-on-year basis, the services’ exports during the month of September 2021 grew by 15.73 percent to $550.91 million against the exports of $476.04 million during September 2020. The imports also grew by 17 percent from $571.04 million in last September to $668.09 million in September 2021, the data revealed. On month-on-month basis, the exports from the country witnessed an increase of 1.25 percent when compared to the exports of $544.11 million in August 2021. However, the imports decreased by 24.09 percent when compared to the imports of $880.08 in August 2021, the data revealed.

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