ISLAMABAD-Services sector exports from the country during the last eight months of the current financial year grew by 6.48 percent as compared to the exports of the corresponding period of last year. During the period from July-February, 2022-23, the services exports were recorded at $4.779 billion as compared to the exports of $4.487 billion in the same period of last year, according to the data released by the Pakistan Bureau of Statistics (PBS).
Meanwhile, the imports of services into the country decreased by 32.95 percent and were recorded at $5.119 billion as compared to the imports of $7.635 billion in the same period last year.
During the last eight months of the current financial year services trade deficit narrowed by 89.19 percent as it went down from $3.147 billion in July-February, 2021-22 to $340.39 million in the same period of the current financial year. On year on year basis, the services trade deficit shrank 90.57 percent in February 2023 and it was recorded at $38.77 million as against $410.98 million in the same month of last year. In February 2023, services valuing $547.15 million were exported as compared the exports of $543.16 million and it was up by 5.71 percent, whereas services imports decreased by 35.76 percent as it was registered at $612.92 million against $954.14 million of the same month of last year.
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On month on month basis, the services trade deficit decreased by 316.68 percent and it was recorded at $38.77 million in February 2023 as against $17.89 million in January 2023. In the month of February 2023, services valuing $574.15 million were exported as compared to the exports of 608.98 million in January 2023, whereas services worth $612.92 million were imported as against the import of $592.09 million of the last month of the current financial year.
Pakistan’s exports to Afghanistan witness 17.02pc increase
in 8 months
Pakistan’s export of goods and services to Afghanistan witnessed an increase of 17.02 percent during the first eight months of the current fiscal year (2022-23) as compared to the exports of the corresponding period of last year, the State Bank of Pakistan (SBP) reported. The overall exports to Afghanistan were recorded at $346.522 million during July-February (2022-23) against exports of $296.109 million during July-February (2021-22), showing growth of 17.02 percent, the SBP data revealed.
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On a year-to-year basis, the exports to Afghanistan also increased 60.49 percent from $38.222 million in February 2022, against the exports of US $61.345 million in same month this year. Meanwhile, on a month-on-month basis, the exports to Afghanistan also surge 82.58 percent during February 2023 as compared to the exports of $33.598 million in January 2022, the SBP data revealed.
Overall Pakistan’s exports to other countries witnessed a decrease of 9.65 percent in the eight months, from $20.632 billion to $18.639 billion, the SBP data revealed. On the other hand, the imports from Afghanistan into the country during the period under review were recorded at $13.540 million against $119.328 million last year, showing a decline of 88.65 percent in July-February (2022-23).
On a year-on-year basis, the import for Afghanistan witnessed also decreased by 98.89 percent from $13.723 million in February 2022, against the imports of $0.151 million in February 2023. On a month-on-month basis, the imports from Afghanistan into the country increased by 11.02 percent during February 2023, as compared to the imports of $0.136 million during January 2022, according to the data. The overall imports into the country witnessed a decrease of 21.02 percent, from $47.336 billion to $37.388 billion, according to the data.
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Based on the trade figures, the trade of goods and services with Afghanistan witnessed an increase of 88.35 percent in surplus during the period under review as against the corresponding period of previous year. The surplus was recorded at $332.982 million against $176.781 million during last year, showing growth of 88.35 percent, the data revealed.
The Nation, 06 Apr, 2023