Pakistan’s services exports increased by 7.8% in the first five months of the current financial year, reaching $3.275 billion compared to $3.044 billion during the same period last year. This data, shared by the Pakistan Bureau of Statistics, reflects steady growth in the services sector, contributing positively to the country’s trade performance.
Meanwhile, services imports rose by 2.88% during the same period, totaling $4.425 billion compared to $4.301 billion in the previous year. As a result, the services trade deficit improved, narrowing by 9.48%.
In November 2024 alone, services exports showed a 6.15% year-on-year increase, amounting to $657.69 million. On the other hand, imports grew by 4.60%, reaching $828.56 million. Despite the rise in imports, the trade deficit for November improved by 3.10% compared to the same month in 2023.
However, on a month-on-month basis, services exports experienced a slight decline of 1.76% in November compared to October 2024.
The increase in services exports signals strong performance in sectors like IT, finance, and tourism, contributing to the country’s overall economic growth. While imports also grew, the narrowing trade deficit is a positive indicator for Pakistan’s trade outlook.
The government and businesses can build on this momentum to further strengthen the services sector and reduce the trade gap in the coming months.
