ISLAMABAD: The services exports from Pakistan surged by 14.28 per cent to$470 million in October, as compared to the exports during the same monthof the previous year.

The trade deficit of services also fell sharply by 49.05 per cent duringthe month as it decreased to $195 million against the trade deficit of $382million in the same month of previous year, according to latest data ofPakistan Bureau of Statistics (PBS).

The imports of services declined by 16.25 per cent to $665 million in thecorresponding month as compared to import of $794.02 million in October2017.

Meanwhile, the trade deficit of services during first four months ofcurrent fiscal year (2018-19) also shrank by 33.75 per cent as exportsincreased by 2.13 per cent and imports fell by 15.47 per cent during theperiod, as compared to the period from July-October of 2017-18.

The data showed that the service trade deficit contracted to $1.099 billionduring July-October 2018-19, from $1.658 billion in the same period of theprevious year. The services exports also increased to $1.76 billion from$1.723 billion in first four months of the previous year whereas theimports during the period under review were recorded at $2.859 billionagainst imports of $3.38 billion in the corresponding period of last year.

It is pertinent to mention here that merchandise exports during the firstfive months of the current fiscal year increased by 1.29 per cent ascompared to the exports of the corresponding period of last year. Theexports from the country during the period under review reached to US$9.12billion against exports worth of $9 billion during the same period ofprevious year, according to the latest data released by PBS.

The trade deficit during July-November of the current year shrank by 2.03per cent to $14.513 billion against $14.814 billion recorded during thefirst five months of last fiscal year.