ISLAMABAD - Pakistan spent $231.092 million by acquiring different foreign insurance services from various countries during the first eleven months of the fiscal year 2018-19.            

This shows increase of 9.67 percent when compared to $210.707 million spent on provision of such services during the corresponding period of fiscal year 2017-18, Pakistan Bureau of Statistics (PBS) reported.

During the period under review, the direct insurance services grew by 2.07 percent, from $61.097 to $62.362 million during July-May (2018-19).

Among the direct insurance services, the imports of life insurance services decreased by 30.87 percent, from $3.802 million to $5.500 million last year, while the import of freight insurance services also decreased by 19.11 percent, from $26.450 million to $32.697 million. In addition, the other direct insurance services increased by 40.22 percent, from $22.900 million to $32.110 million during the period under review, the PBS data revealed.

Meanwhile, the import of auxiliary insurance services during the fiscal year (2018-19), declined by 37.10 percent, from $1.980 million to $3.148 million last year, whereas the import of reinsurance services increased by 13.85 percent, from $146.462 million to $166.750 million during the fiscal year.

It is pertinent to mention here that the country’s services trade deficit narrowed by 28.22 percent during the first eleven months of the current fiscal year compared to the corresponding period of last year.

The services trade deficit during July-May (2018-19) was recorded at US$ 3.944 billion against the deficit of $5.496 billion during July-May (2017-18), showing decline of 28.22 percent, the official data revealed.

The services imports into the country during the period under review decreased by 14.45 percent to $8.837 billion from US $10.330 billion last year.

On the other hand, the exports of services from the country witnessed an increase of 1.21 percent during the period.

The services exports during the first eleven months of the current fiscal year were recorded at $4.892 billion against the exports of US$4.834 billion during the same period of last year.