Export of services falls in November

ISLAMABAD: The services sector exports in November contracted year-on-year for the first time during the current fiscal year, according to data compiled by the Pakistan Bureau of Statistics.

The services exports fell to $631.93 million in November marking a 15.85 per cent decline from the $750.95m in the corresponding month last year.

Contrary to this, merchandise exports reversed the trend and increased in December and November after a continual fall in the current fiscal year.

In rupee terms, the export of services grew 8.08pc in November to Rs180.429bn against Rs166.944bn in the corresponding month last year.

The export of services reached $2.98bn in the July-November period of FY24 against $3.08bn in the same period last year, shrinking 3.33pc. In rupee terms, they recorded a massive improvement of 24.86pc to Rs859.11bn against Rs688.07bn in 5MFY23. 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 increased by 22.74pc to $831.07m in November from $677.08m over the corresponding month of last year.

The import of services increased by 20.67pc to $4.11bn in 5MFY24 against $3.40bn 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 254.51pc to $1.12bn in July-November against $317.07m in the corresponding months last year.

In November, the trade deficit in services increased by 369.57pc to $199.14m against $73.87m over the corresponding month last year.