Daily Times

Pakistan earned foreign exchange worth $1,707 million from exports of various services during the first quarter (Q1) of the current fiscal year (2023-24), Pakistan Bureau of Statistics (PBS) reported. However, as compared to the services’ exports of $1,717 during July-September (2022-23), the external trade witnessed a slight negative growth of 0.58 percent, according to PBS data. Meanwhile, the services’ imports into the country increased by 18.10 percent by going up from $2,028 million last year to $2,395 million during the first three months of current fiscal year. Based on the figures, the services’ trade deficit increased by 121.28 percent during the period under review by going up from $310 million last year to $688 million this year. Meanwhile, on year on year (YoY) basis, the services’ exports from the country increased by 1.08 percent by going up from $565 million in September 2022 to $571 million during September 2023. The imports also went up by 14.40 percent by growing from $688 million to $787 million, according to PBS data. On month on month (MoM) basis, the services exports decreased by 4.98 percent in September 2023 when compared to exports of $601 million in August 2023. Imports on MoM basis also declined by 1.50 percent during the month under review when compared to imports of $799 million in August 2023. On the other hand, The country’s merchandize trade deficit contracted by 34.70 per cent during the first four months of the current fiscal year compared to the corresponding period of last year, the Pakistan Bureau of Statistics (PBS) reported. The Trade deficit from July-October (2023-24) was recorded at $7.416 billion as against the deficit of $11.356 billion in July-October (2022-23), showing negative growth of 34.70 per cent. During the period under review, the exports increased by 0.66 per cent to $9.617 billion compared to the exports of $9.554 billion during the corresponding period of last year, according to the latest PBS data. On the other hand, the imports narrowed by 18.54 per cent and were recorded at $17.033 billion compared to $20.910 billion last year.