ISLAMABAD: Services trade deficit during first 11 months (July-May) of current fiscal year 2014-15 narrowed by 13.56 percent to US $2.022 billion from $2.339 billion during same period of last year.
The services exports during the period under review increased by 7.95 percent while the imports witnessed a nominal increase of 1.07 percent.
The services exports increased from $4.972 billion in July-May (2013-14) to $5.367 billion this year whereas the imports increased from $7.311 billion last year to $7.389 billion this year, according to break up figures released by Pakistan Bureau of Statistics (PBS).
On year on year basis, however the services trade deficit widened from $99.87 million surplus in May 2014 to $325.13 million deficit in May 2015.
Based on the figures, the exports of services decreased by 58.84 percent from $757.96 million in May 2014 to $311.94 million in May 2015 while the imports decreased by 3.19 percent from $658.09 million last year to $637.07 million this year.
On month on month basis, the services trade deficit widened by 24.34 percent in May 2015 as compared to April 2015 as the exports went down by 17.92 percent from $380.03 million in April 2015 to $311.94 million in May 2015 while the imports decreased by 0.69 percent from $641.51 million in April 2015 to $637.07 million this year.
The services deficit in May 2015 stood at $325.13 million as compared to that of $261.48 million in April 2015.