Pakistan spends $89mn for import of insurance services

• This shows decrease of 3.62 percent when compared to $92.990 million spent on provision of such services during the corresponding period of last year 2018-19.

ISLAMABAD: Pakistan spent $89.621 million by acquiring different foreign insurance services from various countries during the first four months of the financial year 2019-20.

This shows decrease of 3.62 percent when compared to $92.990 million spent on provision of such services during the corresponding period of last year 2018-19, Pakistan Bureau of Statistics (PBS) reported.

During the period under review, the direct insurance services dipped by 17.18 percent, from $26.010 to $21.541 million during July-October (2019-20).

Among the direct insurance services, the imports of life insurance services decreased by 85.81 percent, from $1.550 million to $0.220 million this year, while the import of freight insurance services also decreased by 40.93 percent, from $12.410 million to $7.331 million.

In addition, the other direct insurance services however increased by 16.10 percent, from $13.990 million to $12.050 million during the last year, the PBS data revealed.

Meanwhile, the import of auxiliary insurance services during the current year (2019-20), increased by 78.54 percent, from $1.714 million to $0.960 million last year, whereas the import of reinsurance services witnessed nominal increase of 0.52 percent, from $66.366 million to $66.020 million during the last year.

It is pertinent to mention here that the services trade deficit of the country during five months of current financial year decreased by 6.59% as compared the corresponding period of last year.

During the period from July-November, 2019-20, services exports grew by 2.95%, whereas imports reduced by 1.36%, according the data released by Pakistan Bureau of Statistics.

Services worth $2.165 billion exported in last five months as compared the exports of $2.103 billion in same period of last year, whereas imports of services into the country was recorded at $3.784 billion as against the imports of $3.836 billion, the data revealed.