News

Services exports are up 12.66% in September 2020 while trade deficit decreases

According to the statistics issued by the Pakistan Bureau of Statistics (PBS), the country’s services exports are up by 12.66% in September 2020 as compared to September 2019. The exports of services stood at $463 million in September 2020 while they were $411.12 million in the same month last year.

The imports of services however have decreased in September 2020. There was an import of $540 million worth of services in contrast to the $577.17 million worth of imports recorded in September 2019.

This has caused the trade deficit to decrease this month as well by more than 50%. The trade deficit stood at $166.05 million in September 2019 whereas it is only $76.84 million in September 2020.

The exports for the first quarter (Q1) of the Fiscal Year 2020-2021(FY 2020-21) were recorded to be $1,225.26 million as compared to $1,295.26 million in the same quarter of the last FY that shows a small decline in services exports. The imports however decreased drastically from $2,393.08 million in Q1 FY 2019-20 to only $1,764 million in Q1 FY 2020-21. The trade deficit of the respective quarters came down from $1,097.82 million to $538.87 million.

This is a good sign for Pakistan as the imports of services are continually decreasing. However, we need to increase our exports as well to eliminate the trade deficit.

Image Source: Time Communications

Sponsored
TechJuice

Pakistan's premier website covering everything about Technology, Startups and Entrepreneurship! Email: editors@techjuice.pk

Share
Published by
TechJuice

Recent Posts

First AI-Powered Teacher Launched in Pakistan’s Private School

Karachi: A private school in Karachi has unveiled Pakistan’s first AI-powered teacher, a groundbreaking move…

1 hour ago

Yahoo Surprises Users with Its Latest Android Launcher

Third-party apps have long been a staple of the Android ecosystem, but their appeal has…

2 hours ago

Phase-II Review of PTCL-Telenor Deal Finalized by CCP

ISLAMABAD: The Competition Commission of Pakistan (CCP) has completed its Phase-II review of Pakistan Telecommunication…

2 hours ago

Xiaomi’s SU7 Achieves New Production Record, Driving Q3 Growth

Xiaomi has shattered records by producing 100,000 vehicles in just 230 days. This is nearly…

4 hours ago

Teachers Can Now Access OpenAI’s Free AI Course

OpenAI, in collaboration with nonprofit organization Common Sense Media, announced on Wednesday the launch of…

5 hours ago

WhatsApp-Inspired Updates Under Testing in Google Messages

Google is exploring a revamped image-sharing interface in its Messages app, taking cues from WhatsApp…

5 hours ago