ISLAMABAD: Exports of services contracted 5.40 per cent in February after posting steady growth in the preceding months, according to the latest data compiled by the Pakistan Bureau of Statistics.

In absolute terms, services export fell to $543.16 million in February from $574.15m in the same month last year. As a result of this decline, the export of services fell 6.09pc in the first eight months of the current fiscal year. In absolute terms, the value of export of services reached $4.48bn in July-February from $4.77bn in the corresponding months of last year.

The import of services grew 49.15pc to $7.64bn in 8MFY23 against $5.12bn in the corresponding period last year. Import of services in February increased by 55.67pc to $954.14m from $612.92m in the same month last year. The trade deficit swelled to $3.14bn in 8MFY23 against $340.39m.

Published in Dawn, April 5rd, 2023