Trade deficit in services surges by 75% MoM in May


The service sector of Pakistan posed a trade deficit of $245 million in May 2023, which has significantly increased by 75% MoM as compared to $140mn in April 2023.

On the other hand, the deficit narrowed by 47.08% YoY compared to a deficit of $463mn in May 2022.

Cumulatively, in 11MFY23, the trade deficit in services clocked in at $607mn, plummeting by 88.27% YoY as compared to $5.17bn in the corresponding period last fiscal year.

Details made available by SBP revealed that the exports of services in May 2023 increased by 19.81% YoY compared to $515mn in May 2022.