Exports of services shrink in December

Services’ exports in December 2023 contracted year-on-year for the second consecutive month during the current fiscal year, according to data compiled by the Pakistan Bureau of Statistics. The services exports shrank 6.93 per cent to $726.94 million in December from $781.09m in the corresponding month last year. Contrary to this, merchandise exports reversed the trend and increased in January, December 2023 and November 2023 after a continual fall in the current fiscal year. In rupee terms, the export of services grew 17.31pc in December to Rs205.94bn against Rs175.55bn in the corresponding month last year. The export of services reached $3.76bn in the July-December period of FY24 against $3.87bn in the same period last year, dipping 2.70pc. In rupee terms, they recorded a massive improvement of 25.17pc to Rs1.08 trillion against Rs863.36bn in 6MFY23. In FY23, the export of services stood at $7.30bn as against $7.10bn over the preceding year, a growth of 2.78pc.