KARACHI: Trade deficit in goods and services narrowed 5.3 percent year-on-year to $19.704 billion during the first seven months of the current fiscal year of 2018/19, the central bank’s data showed on Thursday.
The State Bank of Pakistan’s (SBP) provisional data showed that trade deficit in goods and services stood at $20.796 billion in the July-January period of the last fiscal year.
In July-January, exports of goods and services stood at $17.228 billion compared with $17.036 billion in the corresponding period a year earlier.
Merchandise exports amounted to $14.150 billion, up from $13.931 billion. Exports of services were recorded at $3.078 billion as opposed to $3.105 billion.
Imports of goods and services fell to $36.932 billion in the first seven months as against $37.832 billion in the corresponding period a year earlier.
Merchandise imports increased to $31.763 billion from $31.519 billion, while imports of services decreased to $5.169 billion from $6.313 billion.
The SBP’s data further showed that transport services exports declined $425 million in the July-January period from $571 in the corresponding period a year earlier. Exports of travel services earned the country $247 million during the period under review compared to $218 million in the corresponding period a year earlier. Likewise, exports of telecommunication, computer and information services rose to $628 million as against $613 million. Other business services fetched exports revenue of $902 million compared to $763 million. Exports of government services, including logistics support fell to $754 million from $781 million. Export revenue from transport services also dropped to $425 million compared to $571 million. Financial services exports dipped to $56 million from $81 million. Construction services exports improved to $32 million compared to $40 million.
In July-January, services imports bill was noticeably reduced due to major reduction in imports of transport and travel services.
The SBP’s data showed that imports of transport services decreased to $1.991 billion during the period under review compared to $2.319 billion in the corresponding period a year earlier.
Travel services imports came down to $852 million from $1.215 billion. Import of other business services amounted to $1.342 billion, down from $1.540 billion. Import of financial services fell to $91 million from $188 million. Charges for the use of intellectual property shrank to $96 million from $139 million. Import bill of telecommunication, computer and information services was cut to $242 million from $281 million.
Import bill of maintenance and repair services increased to $70 million during the seven-month period compared to $43 million. Imports of insurance and pension services increased to $151 million from $140 million, according to the central bank.
The SECP recognizes the need for responsible and ethical marketing practices and call centre operations
Saquib Ahmad, Country Managing Director SAP Pakistan , Afghanistan. — Screengrab/YouTube/Nutshell Group/FileKARACHI:...
Gold rates decreased by $5 to $2,170 per ounce in the international market. Silver rates decreased by Rs20 at Rs2,580...
The U.N. agency last year agreed to target a 20 percent emissions cut by 2030
China's activity data broadly stabilised at the start of the year
SBP issued guidelines permitting exporters to freely utilize funds in ESFCAs for international payments related to...