KARACHI: Pakistan’s trade deficit in services narrowed by 26.22% YoY to $647 million in the first quarter of the fiscal year 2022-23, from a deficit of $877mn recorded in the same period last fiscal year.
Similarly, the deficit has shrunk by 24% MoM and 14.85% YoY to stand at $172m in September 2022, compared to $227mn in August 2022 and $202mn in the same month last year.
Details made available by the State Bank of Pakistan (SBP) revealed that the exports of services during September 2022 were valued at $566mn, i.e., down by 1.4% MoM and 1.73% YoY. Amongst the total exports, Telecommunications, Computer and Information Services made the largest contribution with an amount of $206mn. However, it shows a drop of 9.6% MoM and 4% YoY compared to $228mn in August and $215mn in September 2021.
This is followed by Other Business Services which brought $120mn into the country in September 2022. Receipts from the exports of said services were down by 19% MoM and 9% YoY during the said month.
Moreover, the country earned $38mn from Travel Services, while the export of Transport contributed an amount of $86mn during September 2022.
On the other hand, the imports of services during September 2022 amounted to $738mn, showing a decline of 7.8% MoM and 5% YoY compared to $801mn in August 2022 and $778mn in September 2021.
Amongst the total imports, the largest expenditure was incurred on Transport services for an amount of $443mn i.e., down by 13% MoM and 4% YoY. This was followed by Other Business Services which cost the country around $94mn i.e., lower by 9.6% MoM and 26.5% YoY.
