ISLAMABAD: Pakistan spent $89.621 million to acquire foreign insurance services from various countries during the first four months of the financial year 2019-20, showing a decline of 3.62pc when compared with $92.990 million spent on the provision of such services during the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported on Saturday.
During the period under review, the import of direct insurance services dipped by 17.18pc, from $26.010 in 4MFY19 to $21.541 million in 4MFY20.
Among direct insurance services, the import of life insurance services dropped by 85.81pc, from $1.550 million to $0.220 million, while that of freight insurance services decreased by 40.93pc, from $12.410 million to $7.331 million.
However, the import of other direct insurance services increased by 16.10pc, from $12.050 million to $13.990 million.
Meanwhile, the import of auxiliary insurance services surged by 78.54pc, from $0.960 million to $1.714 million, whereas the import of reinsurance services witnessed a nominal increase of 0.52pc, from $66.020 million to $66.366 million.
It is pertinent to mention that the services trade deficit of the country during the five months of FY20 decreased by 6.59pc as compared to the corresponding period of last year.
During the July-November 2019-20 period, services exports grew by 2.95pc whereas imports reduced by 1.36pc.
Services worth $2.165 billion were exported in 5MFY20 as compared the exports of $2.103 billion in the same period of last year. On the other hand, services’ imports into the country were recorded at $3.784 billion as against the imports of $3.836 billion last year.
