Service trade gap crosses $4 billion in 11 months

FT ONLINE

The country’s deficit in service trade with the rest of the world crossed $4.0 billion-level in the first 11 months of the past fiscal year.

Statistics released by the central bank showed that gap in services trade stood at $4.08 billion in July-May period of FY18, which was $3.0 billion in the same period of FY17.

It also showed that receipt from service export registered 22.37 per cent growth in the first 11 months of the past fiscal year over the same period of the previous fiscal year.

Service exports fetched $4.12 billion in revenues in July-May period of the past fiscal year, which was $3.37 billion in the same period of FY17.

Payments for importing services in the first 11 months of FY18 stood at $8.20 billion, recording 28.73 per cent growth over the same period of FY17 when it was $6.37 billion.