ISLAMABAD: The export of services rebounded in November 2020 as it posted a growth of 12.9 per cent year-on-year to $506.9 million, showed data compiled by the Pakistan Bureau of Statistics.

The exports posted a positive growth after contracting over 25pc in October 2020. The exports grew 12pc in September. However, the first two-month — July and August also posted a negative growth.

The service exports between July-November period fell by 5.53pc to $2.158bn as against $2.284bn over the corresponding months last year.

Export of services dipped by over 8.66pc year-on-year to $5.449bn in 2019-20 from $5.966bn in the preceding year. After imposition of lockdown in March to contain the pandemic, the export of services have been witnessing a declining trend since then.

On the other hand, services imports dipped by 9.81pc to $606.09m in November from $672m in the corresponding month of last year. The import bill of services declined by 18.37pc to $3.083bn in July-November period against $3.777bn in the corresponding months last year.

The deficit in services also dipped by 38.02pc to $925.2m in July-November period this fiscal year as against $1.492bn over the last year.

Published in Dawn, January 10th, 2021