Pakistan records positive economic development on services trade deficit

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Pakistan records positive economic development on services trade deficit

The services trade link deficit of Pakistan has contracted by 42.41 percent during the first half of the current fiscal year (2020-21).

According to the latest data by the Pakistan Bureau of Statistics (PBS) as compared to the corresponding period of the last fiscal year, services trade deficit of the country contracted by 42.41 percent.

The services trade deficit during July-December (2020-21) was recorded at $977.24 million against the deficit of $1696.80 million in July-December (2019-20), according to the latest data of Pakistan Bureau of Statistics (PBS).

The services exports during the six months under review grew by 0.31 percent and were recorded at $2844.12 million against the exports of $2835.36 million last year.

The imports into the country shrunk by 15.68 percent by falling from $4532.16 million to $3821.36 million, the PBS data revealed.

Meanwhile, on year-on-year basis, the services exports from the country increased by 13.97 percent and were recorded at $627.99 million in December 2020 against the exports of $551 million in December 2019.