In May, Pakistan’s IT exports saw a significant increase, jumping 40.7% compared to the same month last year. The exports reached $332 million, up from $235 million in May 2023. This growth was mainly due to strong performance in telecommunications, computer, and information services.
However, despite the rise in IT exports, the country’s service sector experienced a trade deficit of $193 million in May. This was slightly higher than April’s deficit of $187 million but lower than the $342 million deficit recorded in May 2023.
Overall, service exports for May increased by 7.84% year-on-year, totaling $688 million. This growth indicates a positive trend in the sector.
Looking at the first 11 months of the fiscal year 2024, service exports rose by 1.18% year-on-year, reaching $6.442 billion. Besides IT, other significant contributors to service exports included other business services, which brought in $116 million, and transport and travel services, which earned $57 million and $66 million, respectively.
The steady increase in these sectors highlights the diverse areas of growth within Pakistan’s economy. Despite the challenges, the rise in IT exports and other services showcases the potential for continued expansion and development in the country’s service industry.
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