Pakistan’s services exports during the first six months of the current fiscal year (2022-23) increased by 2.77%, whereas imports decreased by 30.28% compared to the corresponding period of last fiscal year (2021-22), WealthPK reported. During the period from July-December FY23, services exports were recorded at $3.526 billion against the exports of $3.431 billion during the same period of FY22, according to Pakistan Bureau of Statistics (PBS).

Services imports during the first half of the current fiscal year came down from $5.571 billion to $3.884 billion during the period under review. Services trade deficit dropped by 83.29% during the six months of FY23 compared to the first six months of the last fiscal year, whereas on a year-on-year (YoY) basis, services trade deficit narrowed by 111.21% in December 2022 compared to the same month of last fiscal year.

During December 2022, exports of services decreased by 3.16% to $667.17 million in contrast to the exports of $688.93 million during the same month of last year. During December 2022, services imports dropped by 44.45% at $619.4 million against the imports of $1.111 billion during the corresponding month of last year.

On a month-on-month (MoM) basis, services trade deficit swelled by 37.15% in December 2022, as services exports were recorded at $667.17 million compared to the exports of $654.95 million of November 2022, whereas services imports decreased by 0.12% at $619.4 million during December 2022 against the imports of $620.11 million during the previous month.

Credit: Independent News Pakistan-WealthPk