*ISLAMABAD: The Pakistan Bureau of Statistics (PBS) has released a report, showing the country’s services trade deficit narrowed by 36.54 percent during the first eight months of the current fiscal year in comparison to the same period last year.*
The services trade deficit during July-February (2018-19) was recorded at US $ 2.303 billion against the deficit of US $ 3.630 billion during July-February (2017-18), showing decline of 36.54 percent, the APP quoted the official data released by the PBS.
The services’ imports into the country during the period under review decreased by 19.54 percent to US $ 5.775 billion from US $ 7.178 billion last year.
Compare to imports, the exports of services witnessed a marginal negative growth of 2.14 percent during the period.
The services exports during the first eight months of current fiscal year were recorded at US $ 3.472 billion against the exports of US $ 3.548 billion during the same period of last year.
Meanwhile, on year-on-year basis, the services imports into the country reduced by 29.67 percent by declining from US $ 0.865 billion in February 2018 to US $ 0.608 billion in February 2019, the data revealed.
The exports from the country also decreased by 7.47 percent by going down from US $ 0.443 billon during February 2018 to US $ 0.410 billion in February 2019.
It may be noted here that Pakistan’s exports to China during first eight months of current fiscal year have increased by 3.97 percent as compared to same period of last year.