ISLAMABAD: Services exports from Pakistan rose by 7.8% during the first five months of the current fiscal year, reaching $3.275 billion, compared to $3.044 billion during the same period of the previous year, according to trade data released by the Pakistan Bureau of Statistics.
This growth reflects an upward trend in the country’s services sector, which contributes to the overall business performance.
Imports of services also increased during the same period by 2.88%, reaching a total of $4.425 billion, compared to $4.301 billion in the previous year. As a result, the services trade deficit narrowed by 9.48% during the first five months of the current fiscal year, indicating an improvement in the services trade balance.
In November 2024, services exports grew by 6.15% year-on-year, reaching $657.69 million, compared to $634.39 million in November 2023. This rise in exports for the month was partially offset by an increase in services imports, which rose by 4.60%. On an annual basis, a total of $828.56 million compared to $792.15 million in November 2023.
The services trade balance for November 2024 decreased by 3.10% year-on-year, indicating some improvement in the trade balance. On a monthly basis, services exports decreased by 1.76% in November 2024, falling to $657.69 million from $687.79 million in October 2024.
While services imports decreased by 13.07% during the same period, reaching $828.56 million, compared to $953.16 million in October.