Services exports up 22.94% to $2.72 billion in 5MFY22

exports services

The performance of services sector with reference to the exports has been excellent during the period from July to November in the last calendar year. The exports of services were worth $2.72 billion during this period as compared to $2.22 billion during the same period in the previous year, depicting an increase of 22.94 percent.

The growth of exports of services went high in November by 15.41 percent to $582.93 million as compared to $505.12 million during this month in the previous year and month-on-month basis, the services exports increased by 6.40 percent.

During the fiscal year 2020-21, the exports of services moved high by 9.91 percent year-on-year basis to $5.937 billion as compared to $5.437 billion during the previous fiscal year. The sectors which are responsible for the hike in the export of the services include information technology, finance, and insurance, transport and storage, wholesale and retail trade, public administration, and defense.

Read more: Services export rises 24% to $2.122 billion in first four months

The government has given the target of $7.5 billion for the export of services for the current fiscal year. The share of exports of services was 56 percent of GDP in the fiscal year 2005-06 which has gone up by 61 percent in the fiscal year 2020-21. The imports of services too increased by 34.27 percent to 4.04 billion during the first five months of the current fiscal year as comped to $3.01 billion during these months, in the last fiscal year.

The value of imports was worth $554.03 million in the month of November in the calendar year 2020 which rose to $832.09 million in the same month in 2021, showing an increase of 50.19 percent. However, on a month-on-month basis, the imports of services came down by 3.48 percent. During the fiscal year 2020-21, the imports of services were worth $7.812 billion which were worth $8.753 billion in the fiscal year 2019-20, reflecting the decrease of 10.75 percent.

The trade deficit of services went high by 409 percent to $249.16 million as compared to $48.91 in the same month, last year. The government is focusing on exports f services and in the current fiscal year, a number of incentives have been given to the traders in this regard.   

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