Wednesday, April 24, 2024

Export of Services Rises 32% to $564 Million

According to data collected by the Pakistan Bureau of Statistics, service exports increased by 31.72 percent year on year to $563.95 million in March.

After contracting the previous year, service exports have increased since January of this year. However, service exports increased by just 0.61 percent to $4.37 billion in 2020-21, compared to $4.34 billion the previous year.

Since the imposition of a lockdown in March 2020 to prevent the spread of the pandemic, the export of services has been on the decline.

Service imports, on the other hand, increased by 16.08 percent to $678.01 million in March from $484.09 million the previous month.

In 9MFY21, the import bill of services fell by 20.42 percent to $5.73 billion, compared to $7.20 billion the previous year.

In 9MFY21, the service deficit shrank by 52.37 percent to $1.36 million, down from $2.86 billion the previous year.

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