Services Trade Deficit Shrinks 18.54% In 2015-16

ISLAMABAD, (UrduPoint / Pakistan Point News - 11th Augst,2016) : The service strade deficit in the country reduced by 18.54 per cent during the year 2015-16 against the preceding year, as exports of the services decreased by 7.14 per cent while the imports witnessed a decline of 10.96 per cent. The services trade deficit fell to $2.413 billion during the period July-June (2015-16) from $2.962 billion recorded in the fiscal year 2014-15.

According to data revealed by Pakistan Bureau of Statistics (PBS) here on Thursday, the exports of services during the period under review declined from $5.88 billion in July-June (2014-15) to $5.46 billion in same period of 2015-16. Similarly services imports also plunged to $7.874 billion in the year 2015-16 against the imports of $8.843 billion in fiscal year 2014-15.

The trade deficit on year-on-year basis, fell by 56.88 per cent from $472.88 milliont in June, 2015 to $203.89 million in June 2016. The services exports jumped to $476 million in June, 2016 against the exports of $403.08 million in June, 2015, showing an increase of 18.09 per cent. The imports during the month decined by 22.38 per cent from $857.96 million in June, 2015 to $679.89 million in June, 2016.

Likewise the trade deficit on month-on-month basis also decreased by 31.26 per cent as the exports decliend by 4.26 percent in June, 2016 against May, 2016 while the imports also fell by 14.35 per cent during the period under review. The exports of services in May 2016 were recorded at $497.19 million while the imports were recorded at $793.78 million during the same month.