The Pakistan Bureau of Statistics released statistics that showed that services exports increased year over year in February following a contraction in the four months prior.
The value of services exported in February was $627.05 million, up 6.11 percent from $590.96 million in the same month the previous year.
From Rs157.59 billion in February of last year to Rs175.06 billion in February of this year, the export of services increased 11.08 percent in rupees.
From July to February of FY24, service exports were $5.08 billion, down 1.37 percent from $5.15 billion over the same period the previous year. Compared to Rs1.18 trillion in 8MFY23, they saw a significant improvement of 22.34 percent to Rs1.44 trillion in rupees.
FY23 saw a 2.78 percent increase in service exports to $7.30 billion from $7.10 billion the year before.
Compared to the same period last year, the first seven months of the current fiscal year saw a 13 percent growth in IT exports. In addition, compared to the same month previous year, the import of services rose by 21.14 percent to $784.95 million in February from $647.96 million.
In 8MFY24, the import of services climbed by 28.18 percent to $6.97 billion, from $5.44 billion during the same period the previous year.
The import of services fell by 38.04 percent to $8.01 billion in FY23 from $12.94 billion in the previous fiscal year. From July to February of this year, the trade imbalance in services increased by 554.74% to $1.89 billion, from $288.97 million in the same period the previous year.
