Pakistan’s service exports have shown positive signs of recovery, according to data released by the Pakistan Bureau of Statistics on Tuesday.
Year-on-year exports for April 2024 reached $646.03 million, reflecting a significant 16.59% increase compared to the same month in 2023 ($554.10 million). This marks the third consecutive month of growth after a period of four months with declining exports.
However, it’s important to note that the data shows a slight dip (-7.57%) in service exports compared to March 2024.
Looking at the bigger picture, the first ten months of the current fiscal year (July 2023 – April 2024) paint a more optimistic picture. Service exports reached $6.44 billion, reflecting a modest 1.18% increase year-on-year. In Pakistani Rupees, the growth is more substantial, with service exports reaching Rs. 1.82 trillion, a significant 19.44% increase compared to the same period last year (Rs. 1.53 trillion).
This data suggests a potential recovery in Pakistan’s service export sector, following a period of decline. However, the slight month-on-month decrease in April indicates the need for continued efforts to sustain this positive trend.
