Daily Times

The export of various services witnessed 0.13 percent increase during the first two month (July-August) of the current fiscal year as compared to the corresponding months of last year, Pakistan Bureau of Statistics (PBS) reported.

According to the latest PBS data, Pakistan earned $1.252 billion from the export of services during July-August 2024 as compared to services’ export of $1.250 billion in July-August 2023. On the other hand, the services’ imports witnessed a decline of 0.45 percent during the months under review and were recorded at $1.724 billion as compared to the import of $1.732 billion in July-August 2023.

Based on the figures, the services’ trade deficit shrank by 1.95 percent during the months under review as compared to the corresponding months of previous year. The services trade deficit was recorded at $471.71 million during current months against the deficit of $481.09 million during same months of last year. Meanwhile, on year-on-year basis, the exports of services in August 2024 decreased by 6.51 percent to $619.73 million from $662.91 million in August 2023.

On the other hand, the imports however increased by 2.03 percent by going up from $883.05 million to $900.98 million, according to PBS data. On month-on-month basis, the export of services decreased by 2.08 percent in August 2024 when compared to the imports of $632.88 million in July 2024. The imports of services witnessed an increase of 9.43 percent in August 2024 compared to imports of $823.33 million in July 2024, PBS reported.