ISLAMABAD: Pakistan’s export of services grew 9.85 per cent to $6.24 billion in the first nine months of 2024-25 from $5.68bn a year ago, driven by a surge in demand for telecommunication, computer, and information services.
Services exports have seen positive growth since February 2024. However, there was a 6.50pc decline in August 2024.
In rupee terms, the exports improved by 7.41pc to Rs1.734 trillion in 9MFY25 against Rs1.616tr in FY24, according to statistics released by the Pakistan Bureau of Statistics on Thursday.
In March, services exports recorded a growth of 4.89pc to $743.32 million as against $708.66m over the corresponding month of last year.
According to the data compiled by the State Bank of Pakistan, the exports of telecommunications, computer, and information services reached $2.825bn in July-March FY25 against $2.284bn over the corresponding months of last year, indicating a growth of 23.68pc.
The export of other business services rose 2.07pc to $1.229bn in 9MFY25 against $1.204bn over the corresponding months of last year. The export of transport services increased by 31.56pc to $742m in 9MFY25 against $564m.
However, the export of travel services recorded a negative growth of 2.83pc to $549m.
In FY24, the services exports posted a paltry growth of 2.77pc to $7.8bn from $7.59bn a year ago. In FY23, the export of services stood at $7.30bn, up 2.78pc from $7.10bn in the preceding year.
Pakistan emerged as the second-highest country in the world based on the number of freelancers last year, when IT products were exported to 170 countries. A new framework for freelancers has been introduced to further ease the opening of their bank accounts and allow higher amounts to be retained in their foreign currency accounts.
The government has projected a five-year IT export target of $15bn.
At the same time, the import of services increased by 6.89pc to $970.14m in March from $907.57m over the corresponding month last year. In 9MFY25, the import of services increased 8.74pc to $8.552bn against $7.865bn a year ago.
Transport and travel mainly contributed to the increase in the import of services. The surge in transport payments is attributed to higher fares for air passengers.
The import of transport services reached $3.653bn in 9MFY25 against $3.554bn over the corresponding months of last year, indicating an increase of 2.78pc.
Similarly, the import of travel services rose 9.45pc to $1.876bn in 9MFY25 against $1.714bn a year ago.
The import of services increased by 17.14pc to $10.119bn in FY24 against $8.638bn in the preceding year.
The trade deficit in services increased by 6.27pc to $2.317bn in July-March FY25 compared to $2.181bn in the corresponding period last year. In March, the trade deficit in services increased by 14.03pc to $226.82m against $198.91m over the corresponding month last year.
Published in Dawn, May 9th, 2025
