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IT exports surge 62.3% YoY to $310m in April

IT exports surge 62.3% YoY to $310m in April
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May 17, 2024 (MLN):  The export figure for Telecommunications, Computer, and Information Services surged by 62.3% YoY to $310 million in April as compared to $191m in the same period last year.

On a monthly basis, IT exports increased by 1.31% MoM as in the previous month the number stood at $306m.

The latest data released by the State Bank of Pakistan (SBP) showed that Pakistan's service sector posted a trade deficit of $187m in April, reflecting an increase of 22.22% MoM, as compared to a deficit of $153m recorded in the previous month.

Comparison on a yearly basis shows that the country reported a deficit of $171m in trade of services in the SPLY.

Details made available by SBP further revealed that the exports of services in April went up by 16.61% YoY to $646m compared to $554m in April 2023.

Conversely, on a month-wise basis, exports dropped by 7.58% MoM compared to the figures for March 2024.

Cumulatively in 10MFY24, services exports climbed by 1.18% YoY to $6.442bn compared to exports of $6.367bn in 10MFY23.

Amongst the total exports in the review month, Telecommunications, Computer, and Information Services made the largest contribution made the largest contribution in April 2024.

Meanwhile, Other Business Services held the second position, bringing $104m in April into the country.

In terms of growth, receipts from the exports of this section went down by 24.64% YoY compared to $138m in the same period last year.

On a sequential basis, other business services dropped by 28.77% MoM compared to exports of $146m in March 2023.

Furthermore, the export of transport and travel services contributed an amount of $53m and $68m, respectively in the review period.

The imports of services during the year amounted to $833m, which rose by 14.9% YoY compared to imports worth $725m in SPLY.

On a monthly basis, imports have decreased compared to $852m recorded in the previous month.

Going forward, the imports during 10MFY24, stood at $8.348bn, up by 20.78% YoY compared with the number during 10MFY23.

Amongst the total imports, the largest expenditure was incurred on Transport for an amount of $348m, witnessing an increase of 15.61% YoY and 4.5% MoM.

The Travel services cost the country around $212m, recording an increase by 8.72% YoY, while went down by 22.63% MoM.

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Posted on: 2024-05-17T15:27:59+05:00