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Services exports up 7.19% in May

Services exports up 7.19% in May

ISLAMABAD: The export of services from the country in May 2017, increased by 7.19 percent to $387.04 million from $361.07 million in May, 2016.

Similarly, the services imports also increased by 4.5 percent during the period under review, as it went up from $792.75 million in May, 2016 to $828.41 million in May, 2017. The trade deficit during the corresponding period, however, expanded by 2.24 percent to $441.37 per cent, according to latest data released by Pakistan Bureau of Statistics (PBS).

On monthly basis, the services trade deficit also widened by 28.34 percent to $441.37 million during May 2017 against April, 2017. The services exports during April, 2017 posted an increase of 4.34 percent while the imports also increased by 15.88 percent. Additionally, the services trade deficit during first 11 months (July-May) of the year 2016-17 also widened by 3.85 percent as compared to same period of the preceding year as the exports went up by 0.94 percent and the imports also posted an increase of 1.95 percent during the period under review.

During the period under review, the trade deficit increased from $2.674 billion in July-May (2015-16) to $2.778 billion in first 11 months of the year 2016-17. Similarly, the exports during first 11 months of previous fiscal year recorded at $5.085 billion while it was recorded at $5.038 billion during same period of the preceding year. The imports during the corresponding period rose to $7.863 billion from $7.713 billion during same period of the year 2015-16.