Export of services falls in November

The services sector exports in November contracted year-on-year for the first time during the current fiscal year, according to data compiled by the Pakistan Bureau of Statistics. The services exports fell to $631.93 million in November marking a 15.85 per cent decline from the $750.95m in the corresponding month last year. Contrary to this, merchandise exports reversed the trend and increased in December and November after a continual fall in the current fiscal year. In rupee terms, the export of services grew 8.08pc in November to Rs180.429bn against Rs166.944bn in the corresponding month last year. The export of services reached $2.98bn in the July-November period of FY24 against $3.08bn in the same period last year, shrinking 3.33pc. In rupee terms, they recorded a massive improvement of 24.86pc to Rs859.11bn against Rs688.07bn in 5MFY23. In FY23, the export of services stood at $7.30bn as against $7.10bn over the preceding year, a growth of 2.78pc.