KARACHI: The country registered a deficit of $3.23 billion in services trade in the fiscal year 2008-09 mainly due to high payments on account of transportation, travel and financial services. However, overall services sector trade performance was sufficient as imports and deficit declined, while exports posted a massive increase during the fiscal year. The country s services sector deficit stood at 3.231 billion dollars during 2008-09, as overall services exports amounted to 4.043 billion dollars as against imports of 7.274 billion dollars. However, services sector deficit in fiscal year 2009 was 50 percent lower than last fiscal year s, in which country posted deficit of 6.457 billion dollars.
Overall exports of services sector performed well and witnessed a growth of 13 percent, while imports showed a decline of 28 percent. Services sector exports mounted to 4.043 billion dollars in the year as against exports of 3.589 billion dollars in fiscal year 2008, depicting an increase of 454 million dollars. Imports of services sector registered a decline of 2.772 billion dollars at 7.274 billion dollars against 10.046 billion dollars in fiscal year 2008. Meanwhile, services deficit in June 2009 stood at 251 million dollars with 326 million dollars exports and 577 million dollars imports. The country earned 1.283 billion dollars on account of transportation services, 222 million dollars from travel, 196 million dollars in communication sector, 59 million dollars in insurance and 63 million dollars from financial sector in fiscal year 2009.
Courtesy: Business Recorder