ISLAMABAD: Pakistan’s trade deficit in services worsen by 39% YoY to $1.04bn during the 4M of the fiscal year 2022 from $750mn in the same period of the previous fiscal year.
According to the figures published by the State Bank of Pakistan (SBP), the trade deficit in services during the month of October’21 expanded by 30 per cent YoY to $282m from $217m in the same month a year ago.
However, on a sequential basis, the country’s trade deficit in services swelled notably by 76pc MoM from $160m in September’21. Details made available by SBP revealed that the exports of services during the month amounted to $532m, i.e., up by 23pc YoY while declining by 7pc MoM.
Amongst the total exports, Telecommunications, Computer and Information Services made the largest contribution with an amount of $195m, showing an improvement of 29pc as opposed to the $151m recorded in October’20.
However, on a sequential basis, the exports of the same services went down by 9pc MoM. This is followed by Other Business Services that brought $125m into the country. Receipts from the exports of Other Business Services swelled by 13pc YoY, while on monthly basis, the export of the same commodity witnessed a drop of 5pc.
Moreover, the export of Transport and Travel Services contributed an amount of $60m and $42m, respectively. On the other hand, the imports of services during the month amounted to $814m, showing a jump of 25pc YoY and 12pc MoM.
Amongst the total imports, the largest expenditure was incurred on Transport services for an amount of $410m i.e., up by 104pc YoY and 8pc MoM. Next up was Other business services which cost the country around $115mn i.e., lower by 53pc YoY and 8pc MoM in October’21.
