Trade Deficit in Services falls by 89%, YoY
KARACHI: Pakistan’s trade deficit in services stood at $2.7 billion during the first eleven months of Financial Year 2020, signifying a fall of 42%, as compared to the same period of last year.
Likewise, the deficit during the month of May 2020, was recorded at $78 million, which is lower by around 55% as compared to the previous month and 89% as compared to the same month of last year.
According to the latest figures published by the State Bank of Pakistan, the exports of services during the month of May amounted to $390 million, which brought the cumulative exports for the first 11 months of current Fiscal Year at $5.05 billion.
Amongst the total exports, Telecommunications, Computer, and Information Services made the largest contribution with an amount of $126 million during the month, followed by Transport Services at $70 million.
On the contrary, the imports of services during the month amounted to $468 million, which brought the cumulative imports for the eleven months at $7.75 billion. Amongst the total imports, the largest expenditure was incurred on the Transport group at an amount of $255 million, followed by Financial Services at $29 million. - Mettis Link News