The exports of services from the country witnessed an increase of 26.05 percent during the first two months of the current fiscal year as against the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported.
The exports of services during July-August (2021-22) were recorded at $1008.31 million against the exports of $799.94 million in July-August (2020-21), showing growth of 26.05 percent.
The imports from the country also increased by 31.42 percent by growing from $1238.04 million last year to $1627.07 million during the current fiscal year.
Read more: Finding Pakistan’s missing exports
Based on the figures, the services’ trade deficit widened by 41.24 percent to $618.76 million during the first two months of the current year when compared to the deficit of $438.10 million last year.
Meanwhile, on year-on-year basis, the services’ exports during the month of August 2021 grew by 53.64 percent by growing to $531.29 million against the exports of $345.81 million during August 2020.
The imports also grew by 88.89 percent from $469.05 million in last August to $885.98 million in August 2021, the data revealed.
Pakistan’s trade deficit widened 100% to $11.7 billion in first quarter of current fiscal year due to an exceptional surge in imports that outpaced the increase in exports amid Finance Minister Tarin’s frustration over inaccuracy of prediction about number https://t.co/JBOyLefVt5
— Shahbaz Rana (@81ShahbazRana) October 5, 2021
On month-on-month basis, the exports from the country witnessed an increase of 11.38 percent when compared to the exports of $477.02 million in July 2021. The imports also increased by 19.55 percent when compared to the imports o f$741.09 in July 2021, the data revealed.
It is pertinent to mention here that the country’s merchandize exports during the first quarter of the current fiscal year witnessed an increase of 27.32 percent as compared to the corresponding period of the previous year.
The merchandize exports from the country stood at $6.967 billion this year against the exports of $ 5.472 billion last year.
Read more: Services exports increase by 9.19% to achieve a surplus in near future
The merchandize imports during the period under review also went up by 65.08 percent by growing from $11.286 billion last year to $18.631 billion in July-September (2021-22).