ISLAMABAD: Services trade deficit during first eight months (July-February) of current fiscal year 2014-15 witnessed a sharp decrease of 38.13 percent to US $1.124 billion from $1.818 billion during July- February 2013-14.

The services exports during the period under review increased by 22.78 percent from $3.442 billion last year to $4.226 billion this year.

While the imports witnessed an increase of 1.73 percent to $5.351 billion in July-February 2014-15 from $5.26 billion during same period of last year, according to break up figures released by Pakistan Bureau of Statistics (PBS).

On month on month basis, the services trade deficit plunged by 261.32 percent in February 2015 when compared to the deficit of January 2015.

Based on the figures, the trade surplus during February 2015 was recorded at $471.62 million against the deficit of $292.35 million in January 2014.

Similarly on year on year basis, the services trade surplus increased from $9.76 million in February 2014 to $471.62 million February 2015.

Copyright APP (Associated Press of Pakistan), 2015