Service imports increased by 1.15 percent as well.
ISLAMABAD (AP) – The Pakistan Bureau of Statistics (PBS) reported that the services trade deficit went down by 9.84% because exports went up by 8.25% in the first two months of the current fiscal year compared to the same time last year.
According to the most recent PBS data, the country’s exports in July and August of 2022–23 were worth $1,130.14 million. In July and August of 2021–22, they were worth $1,043.99. This is an increase of 8.25 percent.
Service imports increased by 1.15 percent, from US$ 1,719.13 million last year to US$ 1,738.84 million during the review period.
Based on the numbers, the services trade deficit was $608.70 million this year, down from $675.14 million last year. This is a decrease of 9.84 percent.
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In August 2022, services exports were worth US$575.14 million, which was 4% more than they were in August 2021, when they were worth US$553 million.
On the other hand, according to the data, imports went down by 0.54 percent from US$941.08 million in August 2021 to US$936.04 million in August 2022.
Exports from the country went up by 3.63 percent from July to August 2022, when they were worth US$555 million. The data showed that the imports went up by 16.60% from July 2022, when they were worth US $802.80 million.
The merchandise trade deficit went down by 21.42 percent in the first quarter (Q1) of the current fiscal year. This was because imports went down a lot and exports went up.
The exports for July-September (2022-23) were $7.125 million, which is 1.84 percent more than the exports for July-September (2021-22), which were $6.996 billion. This information was released by the Pakistan Bureau of Statistics (PBS) here on Tuesday.
On the other hand, imports into the country went down by 12.72 percent over the same time period, from $18.715 billion last year to $16.334 billion this year.
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According to the numbers, the trade deficit was $9.209 billion this year, compared to $11.719 billion last year. This is a negative growth of 21.42 percent.
