Islamabad, April 05: Pakistan’s export of services witnessed a 6.04% year-on-year increase, reaching $5.46 billion during the first eight months of FY25, up from $5.15 billion during the same period of the previous fiscal year.
This upward trend was largely driven by strong performance in the telecommunication, computer, and information services sectors. Since February 2024, services exports have shown consistent growth, despite a notable dip of 6.50% in August 2024.
In terms of local currency, exports rose by 3.50%, totaling Rs1.519 trillion in 8MFY25 compared to Rs1.468 trillion during the corresponding period in 8MFY24, as per figures released on Friday by the Pakistan Bureau of Statistics.
In February alone, exports of services rose by 5%, amounting to $709.96 million, up from $676.17 million in the same month last year.
IT Exports Reported by SBP
Data compiled by the State Bank of Pakistan revealed that exports in the telecommunications, computer, and information services category surged to $2.482 billion between July and February of FY25, a 25.48% jump from $1.978 billion recorded in the same period the previous year.
Other business services also showed modest growth, with exports increasing by 1.42% to reach $1.073 billion in 8MFY25, up from $1.058 billion in the corresponding months of last year.
On the other hand, transport services exports declined by 6.50%, falling to $618 million from $661 million year-on-year.
Similarly, travel services exports contracted by 2.74%, coming in at $496 million, down from $510 million in the same period of FY24.
Read More: Pakistan’s Textile Exports Surge 19% Amid Growth Plans
The government has set an ambitious goal to boost IT-related exports to $15 billion over the next five years.
Conversely, the import of services also rose significantly. In February, imports jumped by 32.70% to $1.013 billion, up from $763.42 million in the corresponding month last year.
From July to February of FY25, total imports of services climbed by 12.03% to $7.709 billion, compared to $6.881 billion during the same period of FY24.
Transport & Travel Services
This increase was primarily driven by higher spending on transport and travel services. The spike in transport service imports is largely due to increased airfare rates for international passengers.
Transport services imports reached $3.386 billion in 8MFY25, marking a 9.36% increase from $3.096 billion a year earlier.
Travel services imports also saw a rise of 14.77%, totaling $1.662 billion compared to $1.448 billion in the corresponding months of the previous fiscal year.
Overall, the import of services in FY24 registered a 17.14% increase, reaching $10.119 billion, up from $8.638 billion in the same period of the preceding year.
Also Read: Pakistan’s Goods Exports Increased by 7.7% to $24.7 Billion in Nine Months
As a result of these trends, the services trade deficit expanded by 29.85%, reaching $2.250 billion in the first eight months of FY25, compared to $1.732 billion in the same period a year earlier.
In February alone, the services trade deficit widened sharply by 247.37%, reaching $303.06 million, a significant rise from $87.25 million in the corresponding month of last year.
