ISLAMABAD: The services’ exports in January contracted year-on-year for the third month during the current fiscal year, according to data compiled by the Pakistan Bureau of Statistics.

The services exports fell to $677.96 million in January marking a 7.25 per cent decline from the $730.99m in the corresponding month last year.

Contrary to this, merchandise exports reversed the trend and increased in January and December after a continual fall in the current fiscal year.

In rupee terms, the export of services grew 17.96pc in January to Rs190.04bn against Rs207.08bn in the corresponding month last year.

The export of services reached $4.44bn in the July-January period of FY24 against $4.55bn in the same period last year, shrinking 2.42pc. In rupee terms, they recorded a massive improvement of 24.23pc to Rs1.27 trillion against Rs1.02bn in 7MFY23.

At the same time, the import of services increased by 53.09pc to $995.04m in January from $649.96m over the corresponding month of last year.

The import of services increased by 28.76pc to $6.16bn in 7MFY24 against $4.79bn in the corresponding period last year.

The trade deficit in services widened by 641.56pc to $1.72bn in July-January against $231.97m in the corresponding months last year.

In January, the trade deficit in services increased by 931pc to $317.08m against $38.14m over the corresponding month last year.

Published in Dawn, March 6th, 2024