ISLAMABAD -The country’s services trade deficit witnessed reduction of 30.01 percent during the first three quarters 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 6.98%, whereas services’ imports narrowed by 16.96%, according the trade statistics of the Pakistan Bureau of Statistics (PBS). During the period from July-March (2019-2020), the exports reached to $ 4.247 billion against the exports of $ 4.566 billion during the same period of last year, it added.

Meanwhile, the services imports witnessed decrease of 16.96 % and went down from $ 8.053 billion in first eight months to $ 6.688 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 $ 2.441 billion against the deficit of $ 3.487 during last year, showing decline of 30.01%.

On year-on-year basis, the exports from the country decreased by 17.11% during March 2020 as against the exports same month of last year. The exports during March 2020 were recorded at $ 449.04 million against the exports of $ 541.75 million in March 2019.

The imports also witnessed decrease of 24.72% during the month as these went down from $ 828.97 million in March 2019 to $ 624.08 million in March 2020.

On month-on-month basis, the exports from the country decreased by 2.37% in March 2020 when compared to the exports of $ 459.95 million in February 2020. On the other hand, the imports into the country decreased by 27.34% in March 2020 when compared to the imports of $858.96 million in February.

Meanwhile, the country’s merchandize 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.