ISLAMABAD - The country’s services trade deficit contracted by 53.01 per cent during the first ten months of the current financial year (2020-21) as compared to the corresponding period of last year. The services trade deficit during July-April (2020-21) was recorded at $1420.55 million against the deficit of $3022.79 million in July-April (2019-20), according to the latest data of Pakistan Bureau of Statistics (PBS).
The services exports during the period under review witnessed increase of 4.18 percent and were recorded at $4896 million against the exports of $4699.37 million last year.
On the other hand, the imports into the country shrunk by 18.20 percent by falling from $7722.16 million to $6316.55 million, the PBS data revealed.
Meanwhile, on year-on-year basis, the services exports from the country increased by 48.38 percent and were recorded at $524.99 million in April 2021 against the exports of $353.82 million in April 2020.
On the other hand, the imports also witnessed an increase of 12.81 percent by going up from $516.02 million in April 2020 to $582.10 million in April 2021, the data revealed.
Meanwhile, The exports from the country witnessed an increase of 13.97 percent during the first eleven months of the current fiscal year (2020-21) as compared to the exports of corresponding period of last year, PBS reported. The exports during July-May (2020-21) were recorded at $22.560 billion against the exports of $19.795 billion during July-May (2019-20), according to the latest PBS data.
The imports during the period under review also increased by 22.52 percent by growing from $40.849 billion last year to $50.048 billion during the first eleven months of current fiscal year. Based on the figures, the country’s trade deficit increased by 30.56 percent during the first eleven months as compared to the corresponding period of last year.
The trade deficit during the period was recorded at $27.488 billion against the deficit of $21.054 billion last year.
Meanwhile, on year-on-year basis, the exports of the country increased by 18.48 percent during the month of May 2021 as compared to the exports of May 2020.
The exports during May 2021 were recorded at $1.654 billion against the exports of $1.396 billion in May 2020, the data revealed.
The imports into the country increased from $2.857 billion in May 2020 to $5.299 billion in May 2021, showing growth of 85.87 percent.
On month-on-month basis, the exports from the country however decreased by 25.46 percent during May 2021 when compared to the exports of $2.219 billion in April 2021.
Likewise the imports into the country increased dipped by 0.74 percent in May 2021 when compared to the imports of $5.260 billion in April 2021, the data revealed.