Exports of services rise by over 24pc in 4 months

Author: APP

The exports of services from the country witnessed an increase of 24.25 percent during the first four months of the current financial year (2021-22) as compared to the corresponding period of last year, the Pakistan Bureau of Statistics (PBS) reported.

The exports of services during July-October (2021-22) were recorded at $2122.19 million against the exports of $1708.04 million in July-October (2020-21), showing growth of 24.25 percent.

The services’ imports also rose by 27.33 percent by growing from $2485.15 million last year to $3164.33 million during the period under review.

Based on the figures, the services’ trade deficit widened by 34.10 percent to $1042.14 million during the first four months of the current year as compared to the deficit of $777.11 million last year.

Meanwhile, on a year-on-year basis, the services’ exports during the month of October 2021 grew by 23.14 percent to $532.07 million against the exports of $432.07 million during October 2020.

The imports also grew by 25.43 percent from $649.06 million in last October to 814.09 million in October 2021, the data revealed.

On a month-on-month basis, the exports from the country witnessed a decrease of 6.49 percent when compared to the exports of $568.99 million in September 2021. However, the imports increased by 11.66 percent when compared to the imports of $729.08 in September 2021, the data revealed

Meanwhile, the merchandise exports from the country witnessed an increase of 26.68 percent during the first five months of the current fiscal year (2021-22) as compared to the corresponding months of last year, according to PBS data.

The exports from the country stood at $12.344 billion during July-November (2021-22) against the exports of $9.744 billion recorded during July-November (2020-21), showing growth of 26.68 percent.

The imports during the months under review also went up by 69.17 percent by growing from $19.468 billion last year to $32.934 billion in July-October (2021-22).

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