Pakistan’s services exports rise by 0.13% in July-August 2024

ISLAMABAD: The export of services in Pakistan recorded a slight increase of 0.13 percent during the first two months of the fiscal year (July-August 2024) compared to the same period last year, as per data from the Pakistan Bureau of Statistics (PBS).

Pakistan earned $1.252 billion from services exports in July-August 2024, up from $1.250 billion during the same period in 2023.

On the other hand, services imports saw a decline of 0.45 percent, amounting to $1.724 billion in July-August 2024, down from $1.732 billion in the corresponding months of 2023.

The reduction in imports contributed to a 1.95 percent shrinkage in the services trade deficit, which stood at $471.71 million, compared to $481.09 million during the same period last year.

However, on a year-on-year basis, the export of services in August 2024 decreased by 6.51 percent to $619.73 million from $662.91 million in August 2023. Meanwhile, imports during the same month rose by 2.03 percent, increasing from $883.05 million to $900.98 million.

On a month-to-month comparison, services exports declined by 2.08 percent in August 2024, while imports surged by 9.43 percent compared to July 2024.

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