The exports of services increased by 2 percent during the first two months of the current fiscal year as compared to corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported. The services exports during July-August (2023-24) were recorded at $1,135 million as compared to the exports of $1,112 million during July-August (2022-23). The services’ imports into the country also increased by 24.69 percent by going up from $1,281 million last year to $1,598 million during the first two months of current fiscal year. Based on the figures, the services’ trade deficit increased by 174.22 percent during the period under review by going up from $168 million last year to $463 million this year. Meanwhile, on year on year (YoY) basis, the services’ exports from the country increased by 2.34 percent by going up from $586.29 million in August 2022 to $600.03 million during August 2023. The imports also went up by 9.11 percent by growing from $723.35 million to $789.26 million, according to PBS data. On month on month (MoM) basis, the services exports increased by 12.14 percent in August 2023 when compared to exports of $535.07 million in July 2023. However, imports on MoM basis declined by 2.45 percent during the month under review when compared to imports of $809 million in July 2023. Meanwhile, the merchandize the trade deficit contracted by 42.25 per cent during the first quarter of the current fiscal year compared to the corresponding period of last year. The Trade deficit from July-September (2023-24) was recorded at $5.289 billion as against the deficit of $9.159 billion in July-September (2022-23), showing negative growth of 42.25 per cent. During the period under review, the exports decreased by 3.78 per cent to $6.899 billion compared to the exports of $7.170 billion during the corresponding period of last year, according to the latest PBS data. On the other hand, the imports narrowed by 25.36 per cent and were recorded at $12.188 billion compared to $16.329 billion last year.