Pakistan's services exports have risen by 7.8% in the first five months of the current fiscal year, hitting $3.275 billion, compared to $3.044 billion in the same period last year, according to the Pakistan Bureau of Statistics. This growth highlights a steady improvement in the services sector, benefiting the country’s trade performance.

During the same period, services imports increased by 2.88%, totaling $4.425 billion compared to $4.301 billion the previous year. Consequently, the services trade deficit improved, shrinking by 9.48%.

For November 2024 alone, services exports recorded a 6.15% year-on-year increase, reaching $657.69 million. Conversely, imports rose by 4.60%, amounting to $828.56 million. Despite the rise in imports, the trade deficit for November showed a 3.10% improvement compared to November 2023.

On a month-on-month basis, however, services exports saw a slight decline of 1.76% in November compared to October 2024.

The robust performance in sectors such as IT, finance, and tourism has contributed to the overall economic growth. While imports also grew, the narrowing trade deficit is a positive sign for Pakistan's trade outlook. The government and businesses are encouraged to build on this momentum to further enhance the services sector and reduce the trade gap in the coming months.