ISLAMABAD, :The exports of services from the country witnessed an increase of 18.21 percent during the first ten 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-April (2021-22) were recorded at US$ 5,788.94 million against the exports of US$4,897.35 million during July-April (2020-21), showing a growth of 18.21 percent.
The services’ imports also rose by 34.01 percent growing from US$ 6,988.14 million last year to US$ 9,365.15 million during the period under review.
Based on the figures, the services trade deficit was recorded at the US $ 3,576.21 million this year against the deficit of US $ 2,090.79 million during the last fiscal year, showing an increase of 71.05 percent.
On a year-on-year basis, the services exports during the month of April 2022 grew by 27.16 percent to US$ 627.04 million against the exports of US $ 493.11 million during April 2021.
The imports also grew by 58.17 percent from US$641.07 million last March to the US $ 1,013.96 million in March 2022, according to the data.
On a month-on-month basis, the exports from the country declined by 6.98 percent as compared to the exports of US $ 674.08 million in March 2022. The imports went up by 9.96 percent as compared to the imports of US $947.95 million in March 2022, the data revealed.
Meanwhile, the merchandise exports from the country witnessed an increase of 27.78 percent during the first eleven months of the current fiscal year (2021-22) as compared to the corresponding period of last year.
The exports from the country were recorded at $28.848 billion during July-May (2021-22) against the exports of $22.576 billion recorded during July-May (2020-21), showing a growth of 27.78 percent.
The imports during the months under review also went up by 44.28 percent growing from $50.028 billion last year to $72.182 billion in July-May (2021-22).
Based on the data, the trade deficit during the period under review was recorded at $43.334 billion, showing an increase of 57.85 percent over the deficit of $27.452 billion recorded last year, the PBS data revealed.
Meanwhile, on a year-on-year basis, the exports of the country increased by 55.66 percent during May 2022 as compared to the exports of the same month of last year.
The exports during the month under review were recorded at $2.601 billion against the exports of $1.671 billion during the same month of last year.
The imports into the country increased from $5.297 billion in May 2021 to $6.644 billion in May 2022, showing a growth of 25.43 percent.