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Pakistan’s exports of services have risen to $7.129 billion during a period of 11 months.

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4 months ago

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According to figures from the Pakistan Bureau of Statistics (PBS), the exports of services during July-May 2023-24 amounted to $7.129 billion, compared to $7.004 billion during the same period last year.

During the specified time frame, the country experienced a 16.93 percent increase in service imports, reaching a total of $9.229 billion. This is in comparison to the previous year’s import value of $7.892 billion.

In May 2024, the country’s services exports increased by 7.90 percent compared to the same month last year.

Pakistan exported services of $687.91 million in May 2024, which is an increase compared to the $637.54 million exported in the same month of the previous year.

During the specified period, the imports of services in Pakistan experienced a decline of 10.11 percent, amounting to $881.04 million compared to $980.17 million.

In May 2024, compared to April 2024, there was a 6.48 percent increase in services exports and a 5.76 percent increase in imports.

In May 2024, services exports amounted to $687.91 million, an increase over the previous month’s exports of $646.03 million. Imports, on the other hand, totaled $881.04 million, up from the previous month’s imports of $833.06 billion.

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With a loss of 32 paisas, the US dollar is now trading at 277 rupees on the interbank market.

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In the Interbank market, the United States dollar is currently trading at 277 rupees and 63 paise, indicating a depreciation of 32 paise. Yesterday, it reached a closing price of 277 rupees and 95 paise on the Interbank market.

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The price of gold has skyrocketed in Pakistan.

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Pakistan’s gold price recovered on Friday following a sharp drop the day before, mirroring worldwide market patterns.

According to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola rose by Rs2,000 in the local market, ending at Rs278,800.

Likewise, the cost of 10 grams of 24-karat gold increased by Rs1,715 to Rs239,026.

With an extra $20 premium, the price of gold increased by $21 on Friday to $2,683 per ounce on the global market as well.

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The PSX-100 index reaches a record high and surpasses 93,000 points.

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Historically, the Pakistan Stock Exchange (PSX) exceeded the 93,000-point threshold for the first time, with the KSE-100 index increasing by 480 points to attain a record high of 93,001 points.

A significant milestone was reached on the final business day of the week, establishing a new record for the nation’s stock market.

Economists ascribe the market’s expansion to expectations of an enhanced economic rating for Pakistan and a favorable perspective on economic reforms. The session commenced positively, with the 100 index initially increasing by 250 points, reaching 92,770 points prior to the day’s zenith. The market concluded the prior day at 92,520 points.

Simultaneously, the Pakistani rupee appreciated as the dollar decreased by 20 paisa in the interbank market, now valued at 277.75 rupees. Economists attribute this enhancement to heightened remittances and a current account surplus, which have strengthened the rupee’s status.

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