Services’ exports surge 18pc to $4.5bn in 8 months

Pakistan’s exports of services surged 18.17 per cent during the first eight months (July-February) of the current financial year 2021-22 as compared to the corresponding period of the last fiscal year.

According to the data released by Pakistan Bureau of Statistics (PBS), the exports of services during July-February 2021-22 were recorded at $4,492.02 million against the exports of $3,801.18 million during July-February (2020-21), showing growth of 18.17 per cent.

The services’ imports also rose by 39.20 per cent by growing from $5,089.31 million last year to $7,084.40 million during the period under review. Based on the figures, the services trade deficit was recorded at $2,592.38 billion this year against the deficit of $1,288.13 billion during the last fiscal year, showing an increase of 101.25 per cent.

On a year-on-year basis, the services’ exports during the month of February 2022 grew by 13.73 per cent to $547.07 million against the exports of US $ 481.02 million during February 2021. The imports also grew by 25.34 per cent from US $663.01 million in last February to $831.01 million in February 2022, according to the data.

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On a month-on-month basis, the exports from the country went up by 4.98 per cent as compared to the exports of $521.13 million in January 2022. The imports decreased by 17.40 per cent as compared the imports of $1006.04 million in January 2022, the data revealed

Meanwhile, the merchandise exports from the country witnessed an increase of 24.67 per cent during the first three quarters of the current fiscal year (2021-22) as compared to the corresponding months of last year, the bureau reported.

The exports from the country were recorded at $23.298 billion during July-March (2021-22) against the exports of $18.687 billion recorded during July-March (2020-21), showing growth of 24.67 per cent.

The imports during the months under review also went up by 48.63 per cent by growing from $39.489 billion last year to $58.691 billion in July-March (2021-22). Based on the data, the trade deficit during the period under review was recorded at $35.393 billion, showing an increase of 70.14 per cent over the deficit of $20.802 billion recorded during July-March (2020-21), the PBS data revealed.

On a year-on-year basis, the exports of the country increased by 15.91 per cent during March 2022 as compared to the exports of the same month of last year. The exports during March 2022 were recorded at $2.740 billion against the exports of $2.364 billion in March 2021, the data revealed.

The imports into the country increased from $5.631 billion in March 2021 to $6.186 billion in March 2022, showing growth of 9.86 per cent.

 

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