- Reuters
- 9 Hours ago
Pakistan’s service sector trade deficit surpasses $200 million
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- Web Desk
- Jan 17, 2025
ISLAMABAD: Pakistan’s service sector faced a trade deficit of $218 million in December 2024, marking a significant 116 per cent increase compared to the $101 million deficit in the same period last year, according to the latest data from the State Bank of Pakistan (SBP).
On a monthly basis, the country reported a trade services deficit of $200 million in November 2024. However, exports of services in December showed improvement, increasing by 17.71 per cent to $784 million from $666 million in November.
When compared to December 2023, services exports also saw a yearly rise of 4.81 per cent. Cumulatively, in the first six months of FY25, services exports grew by 6.38 per cent, reaching $4.05 billion, up from $3.79 billion during the same period in FY24.
Telecommunications, Computer, and Information Services made the most significant contribution to exports in December, bringing in $348 million—an increase of 14.85 per cent compared to the same period last year.
Other Business Services ranked second, generating $154 million in December, a 2 per cent rise from $151 million recorded in December 2023. Sequentially, exports of Other Business Services also grew by 24.2 per cent from $124 million in November 2024.
Transport and travel services also contributed, with exports amounting to $75 million and $64 million, respectively, during the same period.
On the import side, services imports for the year reached $1 billion, a rise of 18 per cent compared to the $849 million reported in the same period last year. Month-on-month, imports also increased from the $866 million recorded in November.
In the first six months of FY25, total services imports stood at $5.64 billion, showing a 9.45 per cent increase compared to the same period in FY24.
The largest share of these imports came from the transport sector, which amounted to $464 million, reflecting a 32.57 per cent year-on-year decline and a 14.56 per cent drop from November.
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