Pakistan recorded an upsurge of 17.20 percent in export of services in the financial year 2021-22 as compared to the last financial year.
During July-June (2021-22), the country’s exports of services were recorded at $6.97 billion against the exports of $5.95 billion during July-June (2020-21), according to the recent data released by the Pakistan Bureau of Statistics (PBS).
On a year-on-year basis, service exports during the month of June 2022 showed an increase of 11.75 percent to $646.01 million as compared to the exports of $578.10 million during June 2021.
Moreover, the statistics unveiled that service imports grew by 43.5 percent, increasing from $8.46 billion in the fiscal year 2020-21 to $12.14 billion during the fiscal year 2021-22.
It is pertinent to mention that the value of export of services reached $5.15 billion between July-March 2021-22 from $4.40 billion over the same months of last year.
During the period, the service export on a year-on-year basis grew by 20.19 percent to $668.29 million in March compared with $556.03 million in the corresponding month last year. Meanwhile, on a month-on-month basis, service export increased by 24.93 percent.
The export of services grew 9.19percent to $5.937 billion in FY21 against $5.437 billion during the last year.
Furthermore, the highest-ever increase in IT-related services pushed up the complete export figure. Services exports also include transport and storage, finance and insurance, wholesale and retail trade, public administration, and defense sectors.
The ministry of commerce has estimated services export target at $7.5 billion for 2021-22.
According to experts, the services sector has become the main economic growth driver by contributing 61 percent to GDP in 2020-21 against 56 percent in 2005-06.
Similarly, the import of services also grew 31.33 percent to $8.33 billion in the July-March period of 2021-22 compared to $6.34 billion in the same months a year ago.
The import of services rose 25.29 percent to $932.15 million in March as compared with $744 million in the corresponding month last year.