Over 23 percent growth of Pakistan’s export of services has been recorded in the first quarter of the current financial year from a year ago, as specified by the most recent data publicized by the Pakistan Bureau of Statistics.
According to the report, the price of export of services touched $1.572 billion from $1.275 billion between July and September 2021 over the corresponding period of last year. Considering the monthly basis, the progress in the export of services was lesser in September as it raised by 15.73 percent to $550.91 million against $476.04 million over the corresponding month of the previous year.
Read more: Exports of services up 6.39 percent to $483 million in first month of FY22
However, in FY 21, the export of services is improved by 9.19 percent yearly to $5.937 billion in FY21 in contrast to $5.437 billion during the similar period of the previous year. The progress in the export of services is mostly controlled by the highest-ever export of IT services. Export of services includes transport and storage, finance and insurance, wholesale and retail trade, public administration, and defense sectors.
The commerce ministry, for the year 2021-22, is expected to achieve $7.5 billion target of services exports.
While, the services sector has appeared as the key driver of financial growth as it showed a rise of 56 percent in 2005-06 to nearly 61 percent in 2020-21, making a big share in the GDP.
Contrary to it, import of services reached $2.289 billion between July and September 2021 against $1.809 billion in the corresponding months of the latter year, showing an increase of 26.54 percent.
The import of services exhibited a growth of 17 percent to $668.09 million in September 2021 in contrast to $571.04 million over the equivalent month of last year. On monthly basis, the import of services showed a negative growth of 24.09 percent.
Moreover, in July-June FY21, a fall of the import of services from $7.812 billion to 10.75 percent making $8.753 billion has been seen over the corresponding months of last year.
A decline of the trade deficit in services has been recorded by 43.45 percent to $1.875 billion in FY21 beside $3.315 billion over the corresponding months of the previous year.