Third monthly rise in export of services

ISLAMABAD: The exp­ort of services rose for the third consecutive month, witnessing a marginal growth of 1.08 per cent year-on-year to $571.14 million in September.

Despite a contraction in merchandise exports in the first two months of the current fiscal year, services exports turned in positive performance. However, commodity exports also reversed the trend and increased in October, according to data compiled by the Pakistan Bureau of Statistics.

In rupee terms, the export of services surged 30.59pc in September to Rs170.06bn against Rs130.22bn in the corresponding month last year.

The export of services dipped 0.58pc to $1.70bn in July-September against $1.71bn in the same months last year. In rupee terms, they recorded a massive improvement of 29.33pc to Rs496.58bn against Rss383.96bn in 3MFY23.

In FY23, the export of services stood at $7.30bn as against $7.10bn over

the preceding year, a growth of 2.78pc. At the same time, the import of services also increased by 14.40pc to $787.15m in September from $688.04m over the corresponding month of last year.

The imports of services increased by 18.10pc to $2.39bn in 3MFY24 against $2.02bn in the corresponding period last year.

In FY23, the import of services contracted by 38.04pc to $8.01bn against $12.94bn in the preceding fiscal year.

The trade deficit in services widened by 121.28pc to $688m in July-September against $310.91m in the corresponding months last year.

In September, the trade deficit in services swelled by 75.59pc to $216m against $123.01m over the corresponding month last year.

Services exports include finance and insurance, transport and storage, wholesale and retail trade, public administration, and defence, etc.