Services’ exports up by 26pc in two months

ISLAMABAD (PEN) – The exports of services from the country witnessed an increase of 26.05 percent during the first two months of the current fiscal year as against the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported.

The exports of services during July-August (2021-22) were recorded at $1008.31 million against the exports of $799.94 million in July-August (2020-21), showing growth of 26.05 percent.

The imports from the country also increased by 31.42 percent by growing from $1238.04 million last year to $1627.07 million during the current fiscal year.

Based on the figures, the services’ trade deficit widened by 41.24 percent to $618.76 million during the first two months of the current year when compared to the deficit of $438.10 million last year.

Meanwhile, on year-on-year basis, the services’ exports during the month of August 2021 grew by 53.64 percent by growing to $531.29 million against the exports of $345.81 million during August 2020.

The imports also grew by 88.89 percent from $469.05 million in last August to $885.98 million in August 2021, the data revealed.

On month-on-month basis, the exports from the country witnessed an increase of 11.38 percent when compared to the exports of $477.02 million in July 2021. The imports also increased by 19.55 percent when compared to the imports of $741.09 in July 2021, the data revealed.