Services’ exports up by 17.71pc in 11 months

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The exports of services from the country witnessed an increase of 17.71 percent during the first eleven 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-May (2021-22) were recorded at US$ 6,318.11 million against the exports of US$5,367.36 million during July-May (2020-21), showing a growth of 17.71 percent.

The services’ imports also rose by 35.49 percent growing from US$ 7,590.19 million last year to US$10,284.29 million during the period under review.

Based on the figures, the services trade deficit was recorded at the US $ 3,966.18 million this year against the deficit of US $ 2,222.83 million during the last fiscal year, showing an increase of 78.43 percent.

On a year-on-year basis, the services exports during the month of May 2022 grew by 9.38 percent to US$ 514.11 million against the exports of US $ 470.02 million during May 2021.

The imports also grew by 48.50 percent from US$602.05 million last May to the US $ 894.04 million in May 2022, according to the data.

On a month-on-month basis, the exports from the country declined by19.93 percent as compared to the exports of US $ 642.10 million in April 2022. The imports also went down by 13.96 percent as compared to the imports of US $1,039.07 million in April 2022, the data revealed.

 

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