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Services export jumps 13pc in November

Asad Iqbal by Asad Iqbal
January 10, 2021
2 min read
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Services export jumps 13pc in November

ISLAMABAD: Service exports rebounded in November 2020 as they rose by 12.9 percent year-on-year to $506.9 million, data collected by the Statistics Bureau of Pakistan shows.

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After contracting above 25pc in October 2020, exports reported positive growth. In September, exports rose by 12pc. Nevertheless, the first two months, July and August, also saw a negative improvement.

Read Also: Comprehensive policy shift planned to overhaul textile, apparel value chain

Service exports dropped by 5.53pc to $2.158bn between July and November, relative to $2.284bn during the same months last year.

Service exports fell year-on-year by over 8.66pc to $5.449bn in 2019-20 from $5.966bn in the previous year. Since then, following the imposition of a lockout in March to combat the pandemic, exports of services have seen a falling pattern.

In the other hand, imports of services slipped in November by 9.81pc to $606.09m from $672m in the same month of last year. In the July-November period, the import bill for services decreased by 18.37pc to $3.083bn compared to $3.777bn in the same months last year.

Read Also: Kunza Hashmi’s leaked video discussed on social media

In the July-November period of this fiscal year, the service deficit also plummeted by 38.02pc to $925.2m as opposed to $1.492bn over the past year.

Tags: Services
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Asad Iqbal

Asad Iqbal

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