Services exports grow in October

ISLAMABAD: The export of services maintained a positive trajectory for the fourth consecutive month rising 5.63 per cent year-on-year to $656.03 million in October.

The downturn in commodity exports also reversed in November and October after a continual fall in the current fiscal year, according to data compiled by the Pakistan Bureau of Statistics.

In rupee terms, the export of services grew 34.26pc in October to Rs183.922bn against Rs136.989bn in the corresponding month last year.

The export of services rose 3.34pc to $2.42bn in July-October against $2.34bn in the same months last year. In rupee terms, they surged year-on-year 33.66pc to Rs696.47bn in 4MFY24.

In FY23, the export of services registered a marginal rise of 2.78pc to $7.30bn against $7.10bn in the preceding year.

At the same time, the import of services also increased by 18.11pc to $828.07m in October from $701.10m over the corresponding month of last year. Im­­ports year-on-year rose 19.57pc to $3.26bn in July-October FY24.

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

The trade deficit in services widened by 116.66pc to $847.03m in July-October against $390.94m in the same months last year.

In October, the trade deficit in services swelled 114.96pc to $172.04m against $80.03m in October 2022.

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

The services sector contributed 61pc to GDP in 2020-21 from 56pc in 2005-06.