ISLAMABAD: Services exports from Pakistan increased by 7.8% during the first five months of the current financial year, reaching $3.275 billion, compared to $3.044 billion during the same period in the previous year, according to trade data from the Pakistan Bureau of Statistics.
This growth reflects an upward trend in the country’s services sector, contributing to its overall trade performance.
Services imports during the same period also grew by 2.88%, totaling $4.425 billion, up from $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 financial year, suggesting improvements in the balance of services trade.
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% year-on-year, totaling $828.56 million compared to $792.15 million in November 2023.
The services trade balance for November 2024 narrowed by 3.10% year-on-year, indicating some improvement in the trade balance. On a month-on-month basis, services exports decreased by 1.76% in November 2024, falling to $657.69 million from $687.79 million in October 2024.
Meanwhile, services imports declined by 13.07% during the same period, reaching $828.56 million compared to $953.16 million in October.
