February 24, 2022 (MLN): Pakistan’s trade deficit in services widened by 2.5x YoY to $406 million during January 2022 from $162mn in the same month of the previous year, the monthly data released by the State Bank of Pakistan showed today.
On a sequential basis, the country’s trade deficit in services increased by 23.78% MoM from $328mn in December’21.
This has brought the trade deficit in services during the seven months of the fiscal year 2022 to $2.22billion, up by 2x YoY from $1.1bn in the corresponding period last fiscal year.
Details made available by SBP revealed that the exports of services during the month amounted to $521mn, i.e., up by 18.82% YoY while on monthly basis, it has dropped by around 24% MoM. Amongst the total exports, telecommunications, computer and information services made the largest contribution with an amount of $185mn, showing a decline of 26.3% MoM. On the other hand, the services export under the same category improved by 14%, compared to the export in January 2020.
This is followed by other business services that brought $117mn into the country. In terms of growth, receipts from the exports of other business services moved down by 14.59% MoM while on yearly basis, the export of the same commodity witnessed no change.
Moreover, the export of transport and travel services contributed an amount of $66mn and $33mn, respectively.
On the other hand, the imports of services during the month amounted to $927mn, showing a jump of 44.4% YoY while on a sequential basis, it has decreased by 8.3% MoM.
Amongst the total imports, the largest expenditure was incurred on transport services for an amount of $497mn i.e., up by 76.86% YoY while inched up by 0.4% MoM. Next up was other business services which cost the country around $140mn i.e., down by 32.36% MoM, and 38.9% YoY in January 2022.
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