Services’ exports increase by 3.34 percent to $2,416 mln

ISLAMABAD, Dec 4 (APP): The exports of services increased by 3.34 percent during the first four months of the current fiscal year as compared to corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported. The services exports during July-October (2023-24) were recorded at $2,416 million as compared to the exports of $2,338 million during July- October (2022-23).

The services’ imports into the country also increased by 19.57 percent by going up from $2,729 million last year to $3,263 million during the first four months of current fiscal year. Based on the figures, the services’ trade deficit increased by 116.66 percent during the period under review by going up from $390 million last year to $847 million this year. Meanwhile, on year on year (YoY) basis, the services’ exports from the country increased by 5.63 percent by going up from $621.07 million in October 2022 to $656.03 million during October 2023.

The imports also went up by 18.11 percent by growing from $701.10 million to $828.07 million, according to PBS data. On month on month (MoM) basis, the services exports increased by 5.11 percent in October 2023 when compared to exports of $656.03 million in September 2023. However, imports on MoM basis surged by 0.11 percent during the month under review when compared to imports of $827 million in September 2023.