Services’ exports increase by 18.82 percent in 7 months

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 The exports of services from the country witnessed an increase of 18.82 percent during the first seven months 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-January (2021-22) were recorded at $3944.91 million against the exports of $3320.17 million during July-January (2020-21), showing growth of 18.82 percent.

The services’ imports also rose by 39.49 percent by growing from $4426.30 million last year to $6174.42 million during the period under review.

Based on the figures, the services trade deficit was recorded at $2229.51 billion this year against the deficit of $1106.13 billion last year, showing an increase of 101.56 percent.

On year-on-year basis, the services’ exports during the month of January 2022 grew by 8.56 percent to $521.09 million against the exports of $480.01 million during January 2021.

The imports also grew by 44.40 percent from $642.03 million in last January to $927.06 million in January 2022, the data revealed.

On month-on-month basis, the exports from the country declined by 23.70 percent as compared to the exports of $682.91 million in December 2021. The imports also decreased by 8.30 percent as compared the imports of $1010.95 million in December 2021, the data revealed

Meanwhile, the merchandize exports from the country witnessed an increase of 25.88 percent during the first eight months of the current fiscal year (2021-22) as compared to the corresponding months of last year, Pakistan Bureau of Statistics (PBS) reported.

According to PBS data, the exports from the country were recorded at $20.547 billion during July-February (2021-22) against the exports of $16.323 billion recorded during July-February (2020-21), showing growth of 25.88 percent.

The imports during the months under review also went up by 55.08 percent by growing from $33.858 billion last year to $52.506 billion in July-February (2021-22).

Based on the data, the trade deficit during the period under review was recorded at $31.959 billion, showing an increase of 82.26 percent over the deficit of $17.535 billion recorded during July-February (2020-21), the PBS data revealed.

On year-on-year basis, the exports of the country increased by 35.78 percent during February 2022 as compared to the exports of same month of last year. The exports during February 2022 were recorded at $2.808 billion against the exports of $2.068 billion in February 2020, the data revealed.

The imports into the country increased from $4.601 billion in February 2021 to $5.903 billion in February 2022, showing growth of 28.30 percent. 

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