Services trade deficit expands to 53%

Services trade deficit expands to 53%
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ISLAMABAD (APP): The services trade deficit during first four months (July-October) of fiscal year 2016-17 increased by 53.93 percent as compared to the same period of last year.

The services exports witnessed a decrease of 24.61 percent while the import also fell by 4.96 percent during the period under review.

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According to latest data revealed by Pakistan Bureau of Statistics (PBS), the services trade deficit widened from $713.99 million in July-October, 2015-16 to $1.1 billion in same period of current fiscal year.

The services exports during the period under review decreased from $2.139 billion in first four months of the year 2015-16 to $1.613 billion in July-October 2016-17.

Similarly the imports also fell from $2.853 billion in first four months of previous fiscal year to $2.712 billion this year.

On month-on-month and annual basis the services trade deficit in October 2016 however narrowed by 35.19 per cent and 48.98 per against September 2016 and October 2015 respectively.

The exports in October increased by 11.39 per cent and 18.41 per cent when compared with the exports of September 2016 and October 2015.

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The exports of services in October 2016 increased to $468.42 million from $420.52 million in previous month and $468.42 million in October 2015.

Similarly the imports in October 2016 fell by 35.19 per cent and 48.98 per cent against the imports of September 2016 and October 2015 respectively.

The imports of services in October 2016 was recorded at $649.26 million while in September 2016 and October 2015 it stood at $699.54 million and $750.03 million respectively.

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