Pakistan’s service sector recorded a trade deficit of $158 million in February 2024, marking a decline of 52.27% month-on-month (MoM) compared to the previous month’s deficit of $331 million.
According to SBP’s data, there was a deficit of $57 million in the trade of services in February 2023.
Details from the SBP indicated that exports of services in February increased by 6.09% year-on-year (YoY) to $627 million, compared to $591 million in February 2023.
However, exports witnessed a decrease of 8.06% MoM compared to January 2023.
Cumulatively, in the first eight months (July-Feb) of FY2024, services exports dropped by 1.36% YoY to $5.08 billion compared to $5.15 billion in 8MFY23.
Among the total exports in February, the largest contributors were telecommunications, computer, and information services, amounting to $257 million, witnessing a notable increase of 31.79% YoY.
Other business services held the second position, bringing in $122 million, marking a growth of 7.02% YoY.
However, on a month-wise basis, Other Business Services dropped by 19.21% MoM.
Meanwhile, imports of services during February amounted to $785 million, reflecting a significant increase of 21.14% YoY compared to imports worth $648 million in the same period last year.
However, imports decreased by 22.51% MoM compared to the previous month’s $1.013 billion.
Amongst the total imports, the largest expenditure was incurred on transport, totaling $417 million during February, witnessing a growth of 35.83% YoY.
However, there was a 6.71% MoM decrease in transport imports compared to the previous month.
Travel services cost the country around $159 million, marking an increase of 35.9% YoY but dropping by 37.65% MoM.
Services imports during 8MFY24 stood at $6.971 billion, marking an increase of 28.19% YoY compared to 8MFY23.
