Daily Times

The exports of services from the country witnessed an increase of 18.82 percent during the first seven months of the current financial year (2021-22) as compared to the corresponding period of last year. According to the data released by Pakistan Bureau of Statistics (PBS), the exports of services during July-January (2021-22) were recorded at US $3,944.91 million against the exports of US $3,320.17 million during July-January (2020-21), showing growth of 18.82 percent. The services’ imports also rose by 39.49 percent by growing from US $ 4426.30 million last year to US $ 6174.42 million during the period under review. Based on the figures, the services trade deficit was recorded at US $ 2229.51 billion this year against the deficit of US $ 1106.13 billion last year, showing an increase of 101.56 percent.

On a year-on-year basis, the services’ exports during the month of January 2022 grew by 8.56 percent to US $ 521.09 million against the exports of US $ 480.01 million during January 2021. The imports also grew by 44.40 percent from US $ 642.03 million in last January to US $ 927.06 million in January 2022, the data revealed. On a month-on-month basis, the exports from the country declined by 23.70 percent as compared to the exports of US $ 682.91 million in December 2021. The imports also decreased by 8.30 percent as compared to the imports of US $ 1010.95 million in December 2021, the data revealed. Meanwhile, the exports of cutlery from the country witnessed a decrease of 3.80 percent during the first seven months of financial year 2021-22 as compared to the corresponding period of last year.

The country exported cutlery worth US $67.676 million during July-January (2021-22) against the exports of US $70.352 million during July-January (2020-21), showing decline of 3.80 percent, according to the Pakistan Bureau of Statistics (PBS). Meanwhile, on a year-on-year basis, the cutlery exports also decreased by 20.69 percent during the month of January 2022 as compared to the same month of last year.