Services sector trade deficit widens by 554% in eight months of FY2023-24

Services exports increase 6.11% to $627.05 million in February

The trade deficit in the services sector widened by a mammoth 554.74% to $1.89 billion in the first eight months (July-February) of the ongoing fiscal year 2023-24, compared to $288.97 million in the corresponding period of last year.

As per data released by the Pakistan Bureau of Statistics (PBS), the trade deficit in services increased by 177% to $157.90 million in February, up from $57 million in the corresponding month last year.

Services sector exports reached $627.05 million in February, marking a 6.11% increase from $590.96 million in the same month last year.

During the first eight months (July-February) of FY24, service exports slightly declined by 1.37% to $5.08 billion from $5.15 billion in the same period last year.

In rupee terms, the export of services grew by 11.08% in February to Rs 175.06 billion, up from Rs 157.59 billion in the corresponding month last year.

During the first eight months of FY24, the services sector recorded a significant improvement of 22.34% to Rs 1.44 trillion against Rs 1.18 trillion in the same period of last fiscal year. 

In FY23, service exports stood at $7.30 billion, up 2.78% from $7.10 billion in the preceding year.

Meanwhile, the import of services increased by 21.14% to $784.95 million in February from $647.96 million in the corresponding month of last year.

The import of services increased by 28.18% to $6.97 billion in 8MFY24 compared to $5.44 billion in the corresponding period last year.

In FY23, the import of services contracted by 38.04% to $8.01 billion against $12.94 billion in the preceding fiscal year.

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