ISLAMABAD: According to data issued by the Pakistan Bureau of Statistics on Tuesday, services exports increased year over year in February following a contraction in the four months prior.
In February of this year, services exports totaled $627.05 million, up 6.11 percent from $590.96 million in the same month the previous year.
The export of services increased 11.08 percent to Rs175.06 billion in rupees in February compared to Rs157.59 billion in the same month the previous year.
Services exports decreased 1.37 percent to $5.08 billion in the July–February period of FY24 from $5.15 billion in the same period the previous year. They saw a significant improvement in rupees, reaching Rs1.44 trillion as opposed to Rs1.18tr in 8MFY23, of 22.34 percent.
Service exports reached $7.30 billion in FY23, a 2.78 percent increase from $7.10 billion the year before.
Compared to the same period last year, the first seven months of the current fiscal year saw a 13 percent growth in IT exports.
In addition, compared to the same month previous year, the import of services rose by 21.14 percent to $784.95 million in February from $647.96 million.
In 8MFY24, the import of services climbed by 28.18 percent to $6.97 billion, from $5.44 billion during the same period the previous year.
The import of services fell by 38.04 percent to $8.01 billion in FY23 from $12.94 billion in the previous fiscal year.
From July to February of this year, the trade deficit in services increased by 554.74% to $1.89 billion, from $288.97 million in the same period the previous year.
The trade deficit in services grew by 177 percent to $157.90 million in February compared to $57 million in the same month the previous year.
