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Exports of services up 64.31pc in FY2012-13

Exports of services up 64.31pc in FY2012-13

LAHORE: The deficit in trade of services witnessed sharp decrease of 64.31 percent, as exports surge 31.46 percent and imports decrease by 5.70 percent during the fiscal year 2012-13 as compared to the corresponding year.

The overall exports of services during July-June (2012-13) were recorded at $6.618 billion against the exports of $5.035 billion in July-June (2011-12), showing surge of 31.46 percent, according to the data of Pakistan Bureau of Statistics (PBS).

On the other hand, imports during the period decreased from $8.227 billion in FY2011-12 to $7.758 billion in FY2012-13, showing decrease of 5.70 percent.

Based on the figures, the total deficit during the fiscal year under review was recorded at $1.139 as compared to the deficit of $3.192 billion in 2011-12, showing negative growth of 64.31 percent.

Meanwhile, on year-on-year basis, the exports of services in June 2013n increased by 8.55 percent when compared to the trade of same month of FY 2011.

Exports of services during June 2013 were recorded at $470 million against the exports of $433 million in June 2012.

On the other hand, the imports of services into the country during June 2013 were recorded at $589 million against the imports of $859 million in June 2012, showing negative growth of 31.51 percent.

Based on these figures, the trade deficit during June 2013 stood at $118 million against the deficit of $426 million in June 2012, showing negative growth of 72.19 percent.

On month-on-month basis, the exports of services in June 2013 witnessed increase of 17.66 percent when compared to the exports of $399 million in June 2012.

While the imports in June 2013 decreased by 19.34 percent when compared to the imports of $730 million during the same month of the last fiscal year, according to FBS figures.