According to the figures published by the State Bank of Pakistan (SBP), the deficit in the services sector increased by 234.6 percent on a year-on-year basis to $87 million during the month of May 2021 from $26 million in the same month a year ago. On a sequential basis, the country’s trade deficit in services increased by 53 percent on a month-on-month basis.
Details made available by the central bank revealed that the exports of services during the month amounted to $496 million, i.e. up by 37 percent on a year-on-year basis, while declined by 4.25 percent on a month-on-month basis. Amongst the total exports, telecommunications, computer and information services made the largest contribution with an amount of $200 million, showing an improvement of 59 percent on a year-on-year basis and 2.04 percent on a month-on-month basis in the month of May 21.
This is followed by “other business services” that brought $119 million into the country. Receipts from the exports of said services swelled by 35.25 percent on a year-on-year basis while went down 8 percent on a month-on-month basis during May 21. Moreover, the export of transport and travel services contributed an amount of $47 million and $33 million, marking a growth of 9.3 percent and 65 percent, respectively, on a year-on-year basis.
On the other hand, the imports of services during the month amounted to $583 million, showing an increase of 51 percent on a year-on-year basis and 1.39 percent on a month-on-month basis.
Amongst the total imports, the largest expenditure was incurred on transport services for an amount of $268 million i.e. up by 90 percent on a year-on-year basis, while compared to previous month it remained flat. This was followed by “other business services” which cost the country around $96 million i.e. lower by 24 percent on a month-on-month basis while up by 11.63 percent on a year-on-year basis in May 2021.
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