As per World Trade Organization’s latest statistics, global trade in services witnessed an average decline of 24 percent in the third quarter of 2020. Out of the 39 countries reviewed, approximately 90 percent experienced contraction in service exports whilst 10 percent observed a positive growth.
Interestingly, Pakistan took the lead in the latter category. Notwithstanding the unprecedented times, the country registered year-on-year (y-o-y) growth of 17 percent in November 2020 and 23.2 percent in December 2020. The month-on-month growth of service exports remained at 23.8 percent in December 2020.
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