ISLAMABAD: The export of services from Pakistan dropped 16.79pc year-on-year to $352.92 million in August 2020, data released by the Pakistan Bureau of Statistics (PBS) showed on Tuesday.
In July 2020, the export of services had also posted a decline of five per cent.
On a cumulative basis, services’ exports in July and August fell by 14.26pc to $758.05 million, as against $884.14 million in the corresponding months of last year.
Services’ exports had dipped 8.66pc YoY to $5.449 billion in FY20 as compared to $5.966 billion in FY19.
The recent decline in services’ exports could be attributed to the lockdowns imposed by the government to contain the pandemic across the country.
On the other hand, services imports into the country dipped by 51.39pc to $454.99 million in August 2020, when compared with $936.03 million in the corresponding month of last year.
Cumulatively, the import bill of services declined by 32.81pc to $1.220bn in July-August FY21, as against $1.815 billion in the corresponding months of FY20.
Services’ imports had fallen to $8.284 billion in FY20, as compared to $10.936 billion in the same months last year, reflecting a decline of 24.25pc.
As a result, the services trade deficit narrowed 80pc to $102.07 million in August 2020 from $511.88 million in August 2019. In the first two months of the current fiscal year, the trade deficit fell 50.41pc to $462.07 million, as against $931.77 million in the July-Aug FY20.
The services trade deficit had narrowed 42.25pc to $2.834 billion in FY20, as against $4.969 billion in FY19.