Services Export Rises 6.51% to $676M in November 2024
In November 2024, Pakistan’s services exports increased by 6.51%, reaching $675.69 million, up from $634.39 million in the same month last year, according to the Pakistan Bureau of Statistics. This growth, which has been consistent since February 2024 (excluding August), is largely driven by a rise in information technology exports.
In local currency terms, the export value grew by 3.63%, totaling Rs 187.71 billion in November 2024 compared to Rs 181.13 billion in FY24. Over the first five months of FY25, total services exports saw a 7.58% rise, reaching $3.27 billion, compared to $3.04 billion during the same period last year.
For FY24, Pakistan’s overall services exports grew by a modest 2.77%, reaching $7.8 billion compared to $7.59 billion in the previous year.
Pakistan has become the second-largest country globally in terms of freelancers, with IT products and services being exported to 170 countries. To support this growth, the government has introduced new measures for freelancers, easing the process of opening bank accounts and allowing higher amounts to be retained in foreign currency accounts.
The government has set a target of $15 billion for IT exports over the next five years. To further encourage this growth, the State Bank of Pakistan increased the allowable retention limit in Exportersβ Specialised Foreign Currency Accounts from 35% to 50%. This move has motivated IT exporters to repatriate earnings, boosting overall export numbers.
Alongside the growth in exports, service imports also saw an increase of 4.60% year-on-year, reaching $828.56 million in November. From July to November FY25, imports of services grew by 2.88%, totaling $4.43 billion, compared to $4.30 billion last year. The services trade deficit for November widened by 3.10% to $152.87 million, up from $157.76 million in the previous year, although the overall trade deficit in services decreased by 8.48% during July-November FY25 compared to the same period last year.
