Services export grows 6pc in July-September
ISLAMABAD: The export of services recorded a growth of 5.77 per cent to $1.91 billion in the first quarter of the current fiscal year (July-September) against $1.80bn over the corresponding months last year, the Pakistan Bureau of Statistics said on Monday.
The export of services turned into positive in September following two consecutive months of decline. The growth was mainly driven by a surge in information technology.
On a month-on-month basis, the services export posted a positive growth of 6.55pc. In rupee terms, the export also recorded a positive growth of 1.24pc to Rs530.74bn against Rs524.25bn over the corresponding months last year.
In September, the export of services recorded a growth of 17.04pc to $ 656.99 million against $ 561.36m over the corresponding month last year.
In FY24, the export of services recorded a paltry growth of 2.77pct to $7.80bn from $7.59bn over the previous fiscal year.
Pakistan emerged as the second top country in the world based on a 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 retention of amounts in their foreign currency accounts.
However, the freelancers are facing huge problems due to slowdown of internet and alleged placement of firewalls. This decision has drastically impacted the online business.
At the same time, the import of services declined by 3.99pc to $ 882.23m in September from $ 918.91m over the corresponding month last year. The import of services declined by 3.35pc to $2.61bn in July-September against $2.69bn in corresponding period last year.
The trade deficit in services decelerated by 21.77pc to $698.85m in July-September FY25 compared to $893.30m in the corresponding months last year. In September, the trade deficit in services decreased by 37pc to $225.24m against $ 357.55m over the corresponding month last year.
Published in Dawn, November 5th, 2024