Services exports record over $400 million increase in Jul-Aug: SBP

Pakistan’s services exports increased by over $400 million during the first two months of 2026-27, outpacing the growth recorded in goods exports during the same period.

According to data released by the State Bank of Pakistan (SBP), services exports rose to $1.811 billion during July-August FY27, compared with $1.405 billion in the corresponding period of the previous financial year.

The services sector recorded an increase of $406 million, reflecting a growth of around 29% year-on-year.

In comparison, the country’s goods exports increased by around $217 million during the first two months of FY27. They surged to $5.455 billion in July-August this year as compared to $5.238 billion reported in the last year.

The data showed that the information technology (IT) sector and freelancers remained the major contributors to the services export earnings, generating around $952 million during the period under review.

The IT-related exports were followed by receipts from other business services, including research and development, professional and management consulting, legal and accounting services, public relations and advertising, market research and public opinion polling, technical and trade-related services, and architectural, engineering, scientific and other technical services.

Government services, including consular and military services, generated around $122 million during the two-month period.

Former chairman of Pakistan Software Houses Association (P@SHA) Muhammad Zohaib Khan said the IT sector had the capacity to substantially increase exports and play a greater role in addressing the country’s current account challenges.

He said government incentives and marketing initiatives were producing results and supporting consistent growth in the IT sector, but several issues still needed to be addressed to take IT exports to the next level.

“Consistent policies and greater collaboration among stakeholders can help increase monthly IT export inflows from around $420 million to $450 million,” he said, adding that this would support the government’s target of achieving $10 billion in IT exports under the Uraan Pakistan plan by FY29.

Chairman Pakistan Freelancers Association (PAFLA) Ibrahim Amin said the growing contribution of IT professionals and freelancers was becoming increasingly important for strengthening the country’s foreign exchange earnings.

He said freelancing provided an opportunity for young people and students to acquire in-demand skills, improve their livelihoods and contribute to the national economy by generating foreign exchange.

He noted that around three million freelancers were active on different freelancing platforms and social media, but only a limited number were aware of the incentives and facilities available to them under government policies.

Recently, PAFLA organised a recognition ceremony for high-performing freelancers to encourage the community and motivate students and young people to pursue freelancing and entrepreneurship, he mentioned.

Among other services, recreational and cultural services generated around $18.5 million during July-August FY27, followed by financial services with approximately $13 million.

Experts said the services sector had considerable potential for further growth, particularly in IT and other business services, provided consistent policies and an enabling business environment were maintained.

They said greater attention was also needed to expand relatively smaller segments, including cultural, recreational and financial services, to diversify the country’s services export base.