Pakistan’s exports of services rose by 9.85% to $6.24 billion during the first nine months (July–March) of fiscal year 2024-25, up from $5.68 billion in the same period last year, according to data released by the Pakistan Bureau of Statistics (PBS). The growth was largely driven by increased demand for telecommunication, computer, and information services.
In rupee terms, services exports rose 7.41% to Rs1.734 trillion in 9MFY25, compared to Rs1.616 trillion in the same period of FY24.
Monthly data shows that in March alone, services exports grew 4.89% year-on-year to $743.32 million, up from $708.66 million in March 2024. However, there was a notable dip of 6.5% in August 2024.
Data from the State Bank of Pakistan reveals that exports of telecommunication, computer, and information services surged 23.68% to $2.825 billion during July–March FY25, up from $2.284 billion in the corresponding period last year.
Other business services saw a modest rise of 2.07%, reaching $1.229 billion, while transport services exports climbed by 31.56% to $742 million. On the other hand, travel services exports declined by 2.83% to $549 million.
In the full fiscal year 2023-24, services exports grew marginally by 2.77% to $7.8 billion, compared to $7.59 billion in FY23. The previous year (FY23) had seen exports at $7.30 billion, reflecting a 2.78% increase from FY22’s $7.10 billion.
Pakistan has gained global recognition in the freelancing sector, ranking as the second-largest country by number of freelancers. IT products were exported to 170 countries last year. To support this sector, the government has introduced a new framework allowing freelancers easier access to banking services and greater foreign currency retention limits. The government has set an ambitious five-year IT export target of $15 billion.
Meanwhile, imports of services also increased. In March, imports rose 6.89% year-on-year to $970.14 million. For the nine-month period, service imports grew 8.74% to $8.552 billion, up from $7.865 billion last year.
Transport and travel contributed significantly to the rise in imports. Transport service imports rose 2.78% to $3.653 billion, while travel service imports increased by 9.45% to $1.876 billion during 9MFY25.
Overall, total services imports in FY24 rose 17.14% to $10.119 billion, compared to $8.638 billion in FY23.
As a result, Pakistan’s trade deficit in services widened by 6.27% to $2.317 billion in 9MFY25, from $2.181 billion a year earlier. In March alone, the deficit rose by 14.03% to $226.82 million from $198.91 million in the same month last year.
