ISLAMABAD - The exports of services from the country witnessed negative growth of 7.91 percent during the first eleven months of the fiscal year 2017-18 against the corresponding period of last year.

The exports of services from the country during July-May (2017-18) were recorded at $4.696 billion against the exports of $5.099 billion during July-May (2016-17), showing decline of 7.91 percent, according to latest data of Pakistan Bureau of Statistics(PBS). The imports of services into the country, however increased by 4.98 percent by going up from $8.980 billion during FY2016-17 to $9.428 billion in FY2017-18.

Based on the figures, the services trade deficit during the period under review increased by 21.93 percent as it went up from the deficit of $3.881 billion in FY2016-17 to $4.732 billion during FY2017-18, the PBS data revealed.

Meanwhile on year-on-year basis, the exports of services from the country increased by 7.02 percent during the month of May 2018 against the exports of May 2017. The exports of services from the country were recorded at $429 million against the exports of $400 million in May 2017.

The imports into the country during the month under review decreased by 7.41 percent by going down from $955 million in FY2016-17 to $844 million in May 2018, the data revealed.

On month-on-month basis, the exports from the country increased by 6.33 percent when compared to the exports of $403 million in April 2018.

The imports into the country also increased by 6.68 percent in May 2018 when compared to the exports of $828 million in April 2018, according to the data. It is pertinent to mention here that the merchandise exports from the country surged by 13.74 percent during the fiscal year 2017-18 as compared to the previous fiscal year (2016-17).

The exports from the country during July-June (2017-18) were recorded at $23.228 billion against the exports of $20.422 billion in July-June (2016-17), showing growth of 13.74 percent.

Imports into the country during the period also increased by 15.10 percent by going up from $52.910 billion in FY 2016-17 to $60.898 billion during FY 2017-18.

Based on the figures, the external trade deficit during the outgoing fiscal year 2017-18 increased by 15.95 compared to last year.

The trade deficit during FY 2017-18 was recorded at $ 37.670 billion against the deficit of $32.488 billion in FY 2016-17.