ISLAMABAD: Export of services grew 6.16 per cent to $4.748 billion in the first seven months of the current fiscal year from $4.472bn a year ago, driven by the telecommunication sector. Services exports have seen positive growth since February 2024, mainly due to a surge in information technology and other businesses. However, there was a 6.5pc decline in August 2024.
In rupee terms, the exports improved by 3.27pc to Rs1.321 trillion in the first seven months of FY25 against Rs1.279tr in FY24, according to statistics issued by the Pakistan Bureau of Statistics on Tuesday.
In January, services exports rose 1.51pc to $691.62 million against $681.31m a year ago.
According to the data compiled by the State Bank of Pakistan, the exports of telecommunications, computer, and information services reached $2.177bn in the first seven months of FY25 against $1.721bn over the corresponding months of last year, a growth of 26.49pc.
The export of other business services rose 3.20pc to $967m in 7MFY25 as against $937m over the corresponding months of last year. However, the export of transport services dipped by 6.94pc to $509m in 7MFY25 against $547m a year ago.
Similarly, the export of travel services also recorded a negative growth of 3.61pc to $427m during the period under review, as opposed to $443m a year ago.
At the same time, the import of services increased by 3.84pc to $1.005bn in January from $968.57m over the corresponding month of last year. From July to January FY25, the import of services increased by 9.15pc to $6.678bn against $6.118bn a year ago.
Transport and travel sectors mainly contributed to the increase in the import of services. The surge in transport payments is attributed to increased air tickets.
The import of transport services rose 8.13pc to $2.951bn in 7MFY25 against $2.729bn a year ago. Similarly, the import of travel services increased 5.92pc to $1.358bn against $1.282bn a year ago.
The import of services increased by 17.14pc to $10.119bn in FY24 against $8.638bn in the
corresponding period last year. The trade deficit in services increased by 17.27pc to $1.929bn in 7MFY25 compared to $1.645bn a year ago. In January, the trade deficit in services increased by 9.35pc to $314.11m against $287.26m over the corresponding months last year.
Published in Dawn, March 5th, 2025
