Pakistan’s IT sector leads service exports with 40.68 per cent growth

WEB DESK: Telecommunications, computer, and information services led Pakistan’s services export sector in May, contributing $332 million. This marks a significant 40.68 per cent year-on-year increase from $235 million in May 2023.

Despite this, Pakistan’s overall service sector experienced a trade deficit of $193 million in May, reflecting a 3.21 per cent month-on-month increase compared to a deficit of $187 million in April, according to the latest data from the State Bank of Pakistan (SBP).

Comparing year-on-year, Pakistan reported a $342 million deficit in service trade during the same period last year.

Central bank data further indicates that service exports in May totaled $688 million, rising by 7.84 per cent year-on-year from $638 million in May 2023. Month-on-month, exports increased by 6.5 per cent compared to April 2024.

In the cumulative period of July to May of fiscal year 2023-24 (11MFY24), service exports grew by 1.18 per cent year-on-year to $6.442 billion, compared to $6.367 billion in the corresponding period of the previous fiscal year.

Other Business Services ranked second in May’s service exports, bringing in $116 million. However, this reflects a 21.62 per cent year-on-year decline from $148 million during the same period last year.

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