Services exports fall in January

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.