Services Exports surge by 7.8% in first five months of FY 2024-25

Services exports from the country during first five months of the current financial year grew by 7.8 percent as compared to the exports of the corresponding period of the last year.

During the period from July to November 2024, Pakistan’s services sector exported goods worth $3.275 billion, marking an increase compared to the $3.044 billion exported during the same period last year. This data, released by the Pakistan Bureau of Statistics, highlights the growing strength of Pakistan’s services exports.

During the period under review, services imports into the country also experienced growth, rising by 2.88% to $4.425 billion compared to $4.301 billion during the same period last year, according to the trade data released by the Pakistan Bureau of Statistics. This indicates a steady increase in the country’s services imports alongside the notable growth in exports.

In the first five months of the current financial year, the services trade deficit contracted by 9.48% compared to the same period last year, according to the data. This significant reduction highlights the improving balance between Pakistan’s services exports and imports.

On year on year basis, the services exports from the country during the month of November 2024 grew by 6.15 percent as it was recorded at $657.69 million as compared to the exports of $634.39 million of the same month of the last year, it added.

Meanwhile, the services imports into the country grew by 4.60 percent and reached to $828.56 million in November 2024 as compared to the imports of $792.15 million of the month of November 2023, it added .

On year on year basis, the services trade balance narrowed by 3.10 percent as compared to the trade balance of the same period of the last year, the data reveled.

On month on month basis, the services exports from the country decreased by 1.76 percent in November 2024 against the month of October 2024 as it was recorded at $675.69 million as compared to the exports of $687.79 million, it added.

Meanwhile, services imports went also down by 13.07 percent during the period under review as it was recorded at $828.56 million as against the imports of $953.16 million of the previous month (October), it added.