Quarterly Services Trade Performance and Deficit Contraction
Pakistan recorded a cumulative services trade deficit of $832.16 million (PKR 231,270.16 million) during the first quarter of fiscal year 2026–27, covering the period from July to September 2026, according to trade data published by the Pakistan Bureau of Statistics. The quarterly services deficit contracted marginally by 0.33% in US dollar terms and by 2.01% in Pakistani rupee terms compared to the deficit of $834.88 million (PKR 236,023.41 million) reported during the corresponding three months of the preceding fiscal year. [1] [2]
The stability in the overall quarterly services balance occurred alongside significant expansions in both gross outbound receipts and inbound expenditures. Cumulative services exports during the July–September 2026 quarter reached $2,717.24 million (PKR 755,168.10 million), registering a year-on-year increase of 22.60% in dollar terms and 20.52% in domestic currency terms relative to the $2,216.40 million (PKR 626,581.29 million) collected during the first quarter of FY26. [1]
Concurrently, cumulative services imports expanded by 16.32% in US dollar terms to reach $3,549.40 million (PKR 986,438.25 million) over the first quarter of FY27, up from $3,051.29 million (PKR 862,604.70 million) recorded during the corresponding period of fiscal year 2025–26. In rupee terms, total quarterly payments for foreign services reflected a 14.36% expansion over the same comparative interval. [1]
Monthly Export and Import Trajectories Across August and September 2026
On a sequential monthly basis, Pakistan's exports of services for September 2026 were provisionally reported at $929.87 million (PKR 258,126.07 million). This represents an increase of 9.48% in US dollar terms from the revised August 2026 export total of $849.37 million (PKR 236,055.48 million). Measured in Pakistani rupees, export proceeds for the month grew by 9.35% from the preceding month. [1]
Payments for imported services also moved upward between August and September 2026. Services imports for September 2026 were recorded at $1,212.63 million (PKR 336,619.44 million), indicating an 8.08% expansion in US dollar terms over the $1,121.97 million (PKR 311,816.38 million) reported in August 2026. In rupee terms, the month-on-month growth rate in services imports stood at 7.95%. [1]
As a result of these mutual expansions in cross-border flows, the monthly services trade deficit widened sequentially. The trade deficit in services for September 2026 stood at $282.76 million (PKR 78,493.36 million), which is 3.73% higher in US dollar terms than the revised deficit of $272.60 million (PKR 75,760.89 million) recorded in August 2026. In terms of domestic currency, the month-on-month widening of the services deficit was recorded at 3.61%. [1]
Year-on-Year Expansion in September Services Trade Deficit
While the cumulative quarterly deficit narrowed slightly, the single-month year-on-year comparison for September demonstrated a substantial widening of the external services gap. The services trade deficit for September 2026 increased by 84.34% in US dollar terms compared to the deficit of $153.39 million (PKR 43,201.94 million) recorded in September 2025. Expressed in Pakistani rupees, the year-on-year increase in the monthly deficit was 81.69%. [1]
Export proceeds from services rose by 15.35% year-on-year in dollar terms in September 2026, climbing from $806.14 million (PKR 227,048.24 million) recorded in September 2025 to $929.87 million. In rupee terms, this corresponded to a 13.69% increase in export earnings over the twelve-month interval. [1]
However, the growth in export receipts was outpaced by a faster year-on-year rise in services payments. Services imports increased by 26.38% in dollar terms from $959.53 million (PKR 270,250.18 million) in September 2025 to $1,212.63 million in September 2026. Measured in Pakistani rupees, services imports grew by 24.56% over the same annual period. [1]
Exchange Rate Benchmarks and Technical Notes
The Pakistan Bureau of Statistics documented that US dollar values for services trade statistics were converted into Pakistani rupees using the monthly banks' floating average exchange rates supplied by the State Bank of Pakistan. The benchmark conversion rate applied for the provisional September 2026 figures was PKR 277.593766 per US dollar. [1]
This conversion rate reflects a slight appreciation of the rupee compared to earlier reference periods. The average floating exchange rate was PKR 277.918741 per US dollar in August 2026 and PKR 281.647273 per US dollar in September 2025. The statistical agency also noted that due to rounding effects in the compilation process, individual totals and calculated percentages across tables may not tally exactly. [1]
Sources and reporting periods
- [1] Summary (Trade in Services) September, 2026 — published 2026-11-06; reporting period: July–September FY2027.
- [2] Monthly Summary on Foreign Trade Statistics for Oct, 2026 — published 2026-11-06; reporting period: October 2026.
