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Services exports increase by 9.19% to achieve a surplus in near future

Services imports into the country decreased by 29.93 percent in June 2021 as the trade deficit contracts 43.45% in FY21.

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The country’s services trade deficit contracted by 43.45 percent during the fiscal year 2020-21 as compared to the corresponding period of the previous year (2019-20).

The services trade deficit during July-June (2020-21) was recorded at $1875.22 million against the deficit of $3315.97 million in July-June (2019-20), showing decline of 43.45 percent, according to the latest data of Pakistan Bureau of Statistics (PBS).

The services exports during the period under review witnessed increase of 9.19 percent and were recorded at $5937.27 million against the exports of $45437.40 million last year.

On the other hand, the imports into the country shrunk by 10.75 percent by falling from $8753.37 million to $7812.49 million, the PBS data revealed.

Read more: Trade deficit soars by 86%: Is the economy doing any better?

Meanwhile, on year-on-year basis, the services exports from the country increased by 53.56 percent and were recorded at $579.03 million in June 2021 against the exports of $377.08 million in June 2020.

On the other hand, the imports declined by 7.31 percent by going down from $644.11 million in June 2020 to $597.04 million in June 2021, the data revealed.

On month-on-month basis, the exports from the country witnessed increase of 18.39 percent in June 2021 when compared to the exports of $489.08 million in May 2021.

On the other hand, imports into the country decreased by 29.93 percent in June 2021 when compared to the imports of $852.04 million in May 2021, the PBS data revealed.

It is pertinent to mention here that the merchandize exports from the country witnessed an increase of 16.44 percent during the first month of the current fiscal year (2021-22) as compared to the corresponding month of last year.

The exports from the country stood at $2.330 billion during July 2021 as against the exports of $2.001 billion recorded during July 2020, showing growth of 16.44 percent.

Read more: Pakistan earns $503.910 million in FY21 by exporting transport services

The imports during the month under review also went up by 47.90 percent by growing from $3.674 billion in July 2020 to $5.434 billion in July 2021.

Courtesy: APP