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.
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.
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.
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.