Services exports rise for second month in August

Exports of services rose for the second month in a row reaching $600.03 million in August, up 2.34 per cent from $586.29m in the same month last year. The performance of the services sector was quite impressive given the continuous decline in exports of merchandise during the first three months of the current fiscal year after witnessing a contraction in FY23 as well, according to data compiled by the Pakistan Bureau of Statistics. In rupee terms, the exports of services grew 36.13pc in August to Rs176.294bn against Rs129.503bn in the corresponding month last year. The export of services saw an increase of 2pc to $1.13bn in July-August against $1.11bn in the same months last year. In rupee terms, they recorded a massive improvement of 33.15pc to Rs326.237bn against Rss245.01bn in 2mFY23. In FY23, the export of services stood at $7.30bn as against $7.10bn over the preceding year, a growth of 2.78pc.