Services Trade Shows Positive Growth in FY2024

ISLAMABAD: Pakistan's services exports saw a 7.8% increase during the first five months of the current fiscal year, reaching $3.275 billion, up from $3.044 billion in the same period of the previous year, according to data from the Pakistan Bureau of Statistics.

This growth highlights the positive trend in the country's services sector, enhancing its overall trade performance.

At the same time, services imports also grew by 2.88%, reaching $4.425 billion, compared to $4.301 billion in the previous year. Consequently, the services trade deficit narrowed by 9.48% during the first five months of FY2024, indicating a stronger balance of services trade.

In November 2024, services exports grew by 6.15% year-on-year to $657.69 million, up from $634.39 million in November 2023. However, this increase was partially offset by a 4.60% rise in services imports, which reached $828.56 million compared to $792.15 million in the same month last year.

The services trade balance for November 2024 improved slightly, narrowing by 3.10% compared to November 2023. On a month-on-month basis, services exports decreased by 1.76%, from $687.79 million in October 2024 to $657.69 million in November. Services imports also saw a notable decrease of 13.07% during the same period, dropping to $828.56 million from $953.16 million in October.