Services exports increase by 1.80% to $7.129 bln in 11 months

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ISLAMABAD, Jul 4 (APP):The exports of services during the first eleven months of the fiscal year (2023-24) increased by 1.80 percent as compared to the exports of the corresponding period of the last year.

During July-May 2023-24, exports of services were recorded at $7.129 billion as against the exports of $7.004 billion during the same period of last year, according to the data of the Pakistan Bureau of Statistics (PBS).

During the period under review, the services imports into the country grew by 16.93 percent and it was registered at $9.229 billion as compared to the import of $7.892 billion in the same period last year.

On a year-on-year basis, the services exports from the country grew by 7.90 percent in May 2024 as compared to the exports of the same month of last year.

In May 2024, services valued at $687.91 million were exported as compared to exports of $637.54 million in the same month of last year.

The imports of services into the country however, decreased by 10.11 percent during the period under review as it was recorded at $881.04 million against $980.17.

On month on month basis, the services exports increased by 6.48 percent and imports by 5.76 percent respectively in May 2024 as compared to April 2024.

During May 2024, the services exports were recorded at $687.91 million as compared to the exports of $646.03 million of the previous month, whereas imports were registered at $881.04 million as compared to the imports of $833.06 billion of last month.