ISLAMABAD: The country’s services’ trade deficit witnessed nominal increase of 0.66 percent during the first eight months of the current fiscal year as compared to the corresponding period of last year.
According to the latest data released by Pakistan Bureau of Statistics (PBS), the services’ trade deficit during July-February (2015-16) was recorded at $1.462 billion compared to the deficit of $1.453 billion witnessed during July-February (2014-15).
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The imports into the country during the period under review declined by 15.21 percent. The imports during the eight months were recorded at $4.891 billion compared to the imports of 5.769 billion during last year. On the other hand the exports of services were recorded at $3.428 billion during the period compared to the exports of $4.316 billion, showing negative growth of 20.56 percent.
Meanwhile, year-on-year basis, the services imports into the country during the month of February 2016 witnessed decrease of 16.56 percent. The imports during February 2016 were recorded at $535 million compared to the imports of $641 million in February 2015.
The exports of services during March 2016 were recorded at $337 million compared to the exports of $1042 million during February 2015, showing decline of 67.59 percent. Whereas month-on-month basis, the imports during February 2016 witnessed decline of 4.75 percent compared to the imports of $561 million during January 2016.
The exports from the country during the month under review increased by 9.35 percent when compared to the exports of 337 million during January 2016, the PBS data revealed. It is pertinent to mention here that the merchandise imports into the country declined by 4.22 percent during the first three quarters of the current fiscal year as compared to the corresponding period of last year.
Imports into the country during July-March (2015-16) were recorded at $32.515 billion, compared to the merchandise imports of $33.948 billion during July-March (2014-15). The merchandise exports from the country also witnessed negative growth of 12.92 percent by falling from $17.921 billion last year to $15.606 billion during the current year.
Based on the figures, the overall merchandise trade deficit during the period under review was recorded at $16.909 billion compared to the deficit of $16.027 billion last year, showing increase of 5.50 percent.
