Exports of services shrink 25pc in April
Pakistan’s export of services shrank 24.65 per cent year-on-year to $486.09 million in April, which is the fourth monthly drop in a row, according to the data compiled by the Pakistan Bureau of Statistics. The export of services recorded positive growth during the first half of the current fiscal year, but it started contracting in January. The export of commodities has steadily declined since the beginning of the current fiscal year. However, the export of services posted a meagre 1.46pc growth to $6.009 billion in July-April 2022-23 from $5.923bn in the corresponding months of last year. The export of services grew 17.20pc to $6.968bn in 2021-22 from $5.945bn in the preceding year. At the same time, the import of services also contracted by 39.70pc to $6.413bn in July-April FY23 against $10.635bn in the corresponding months last year. Import of services in April dipped by 38.85pc to $667.04m from $1.09bn over the same month last year.