Exports of services up 6.39 percent to $483 million in first month of FY22

Exports of services

Pakistan Bureau of Statistics presented a report on Saturday, illustrating that exports of services have been increased by 6.39 percent to $483 million in the first month of the existing fiscal year (FY22) as against $454 million over the corresponding period last year. In a monthly basis, exports of services have immersed by 14.51 percent. 

During the last fiscal year, the transfers of services were increased by 9.19 percent to $5.937 billion in FY21 as compared to $5.437 billion through a similar period of FY20. 

Read more: 47% growth seen in Pakistan’s IT exports from July-May in fiscal year 2020-21

Moreover, the development in facilities exports is largely controlled by the highest-ever export of IT services. Exports of Services also comprise transport and storage, finance and insurance, public administration, wholesale and retail trade, and defense sectors.

Target of Exports of services during 2021-22 has been set at $7.5 billion 

However, the service area sector has appeared as the chief driver of financial growth because its portion in the GDP enlarged from 56 percent in 2005-06 to nearly 59 percent in 2017-18. 

While on contrary, services imports dropped down from 7.02 percent to $715 million in July 2021 in contradiction of $769 million over the corresponding month of last year 2020. 

Besides this, the trade discrepancy in services subdivision has been deteriorated by 26.35 percent to $232 million in July alongside $315 million over the corresponding month of last year. 

Additionally, the trade deficit in the services sector has also dropped down by 43.45 percent to $1.875 billion in July-June FY21 against $3.315 billion above the matching period of FY20. 

Talking about the recent economic conditions in Pakistan, the most recent agriculture input situation lingered auspiciously. In July FY2022, the production of tractors was grown by 38.3 percent while its sales price also increased by 19.9 percent.

Credit payment to the agriculture zone increased to Rs 1,366 billion in FY2021, observing development of 12 percent above an amount of Rs 1,215 billion in FY2020. 

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