Services’ exports up by 17.07% in 3 quarters, 20.19% in March

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enewspaper.com.pk/Services’ exports up by 17.07% in 3 quarters, 20.19% in March

ISLAMABAD, (APP): The exports of services from the country witnessed an increase of 17.07 percent during the first three quarters of the current financial year (2021-22) as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported.

The exports of services during July-March (2021-22) were recorded at US $ 5,156.10 million against the exports of US $4,404.24 million during July-March (2020-21), showing a growth of 17.07 percent.

The services’ imports also rose by 31.33 percent growth from the US $ 6,347.08 million last year to the US $ 8,335.39 million during the period under review.

Based on the figures, the services trade deficit was recorded at the US $ 3,179.29 billion this year against the deficit of US $ 1,942.84 billion during the last fiscal year, showing an increase of 63.64 percent.

On a year-on-year basis, the services exports during the month of March 2022 grew by 20.19 percent to the US $ 668.29 million against the exports of US $ 556.03 million during March 2021.

The imports also grew by 25.29 percent from US $ 744.00 million last March to US $ 932.15 million in March 2022, according to the data.

On a month-on-month basis, the exports from the country went up by 24.93 percent as compared to the exports of US $ 534.92 million in February 2022. The imports also went up by 12.87 percent as compared to the imports of US $825.85 million in February 2022, the data revealed.

Meanwhile, the merchandise exports from the country witnessed an increase of 25.46 percent during the first ten months of the current fiscal year (2021-22) as compared to the corresponding months of last year.

The exports from the country were recorded at $26.228 billion during July-April (2021-22) against the exports of $20.905 billion recorded during July-April (2020-21), showing a growth of 25.46 percent.

The imports during the months under review also went up by 46.41 percent growing from $44.731 billion last year to $65.492 billion in July- April (2021-22).

Based on the data, the trade deficit during the period under review was recorded at $39.264 billion, showing an increase of 64.79 percent over the deficit of $23.826 billion recorded from July- to April (2020-21).

Meanwhile, on a year-on-year basis, the exports of the country increased by 29.53 percent during April 2022 as compared to the exports of the same month of last year.

The exports during April 2022 were recorded at $2.873 billion against the exports of $2.218 billion in April 2021, the data revealed. The imports into the country increased from $5.242 billion in April 2021 to $6.615 billion in April 2022, showing a growth of 26.19 percent.

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