Export of services jumps by 17pc in July-March

By Staff Reporter | Dawn May 8, 2022

ISLAMABAD: Export of services grew 17.07 per cent in the first nine months of the current fiscal year from a year ago, according to the latest data released by the Pakistan Bureau of Statistics on Saturday.

In absolute terms, the value of export of services reached $5.15bn between July-March 2021-22 from $4.40bn over the corresponding months of last year.

Year-on-year, the export of services grew by 20.19pc to $668.29m in March against $556.03m in the same month last year. However, on a month-on-month basis, export of services increased 24.93pc.

The export of services increased 9.19pc to $5.937bn in FY21 compared to $5.437bn in the preceding year.

The commerce ministry has projected services export target at $7.5bn for 2021-22.

The services sector has emerged as the main economic growth driver by contributing 61pc to GDP in 2020-21 from 56pc in 2005-06.

Simultaneously, the import of services also rose 31.33pc to $8.33bn in July-March period of 2021-22 against $6.34bn in the corresponding months last year.

The import of services grew 25.29pc to $932.15m in March against $744m in the same month last year. On a month-on-month basis, it posted a negative growth of 12.87pc.

The import of services fell 10.75pc to $7.812bn in FY21 from $8.753bn in the preceding year.

The trade deficit in services increased by 63.64pc to $3.17bn in 9MFY22 against $1.94bn in 9MFY21. In March, the trade deficit widened by 40.37pc to $263.86m from $187.97m in the same month last year.

The PTI government announced several measures in the budget 2021-22 for the promotion of export of services, especially information technology.

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