ISLAMABAD: Services’ exports rebounded year-on-year in February after contracting in the preceding four months, according to the data released by the Pakistan Bureau of Statistics on Tuesday.

The services exports reached $627.05 million in February, marking a 6.11 per cent increase from the $590.96m in the corresponding month last year.

In rupee terms, the export of services grew 11.08pc in February to Rs175.06bn, up from Rs157.59bn in the same month last year.

The export of services reached $5.08bn in the July-February period of FY24 against $5.15bn in the same period last year, shrinking 1.37pc. In rupee terms, they recorded a massive improvement of 22.34pc to Rs1.44 trillion against Rs1.18tr in 8MFY23.

In FY23, service exports stood at $7.30bn, up 2.78pc from $7.10bn in the preceding year.

IT exports witnessed a 13pc increase during the first seven months of the current fiscal year compared to a year ago.

At the same time, the import of services increased by 21.14pc to $784.95m in February from $647.96m over the corresponding month of last year.

The import of services increased 28.18pc to $6.97bn in 8MFY24 against $5.44bn 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 554.74pc to $1.89bn in July-February, compared to $288.97 m in the corresponding months last year.

In February, the trade deficit in services increased by 177pc to $157.90m, up from $57 m in the corresponding month last year.

Published in Dawn, April 3rd, 2024