Services trade deficit lowers by 18.54 percent
ISLAMABAD: The services trade deficit reduced by 18.54 percent during the year 2015-16 against last year, as exports of the services decreased by 7.14 percent, while the imports witnessed a decline of 10.96 percent.
The services trade deficit fell to $2.413 billion during the period of 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) 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 percent from $472.88 million in June, 2015 to $203.89 million in June this year.
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 percent.