ISLAMABAD: The country’s service exports recorded a growth of 1.76 per cent year-on-year to $5.55 billion in 2016-17, the Pakistan Bureau of Statistics said on Tuesday.

On a monthly basis, the exports of services recorded a growth of 5.4pc in June at $443.29 million as against $420.25m in the corresponding month last year.

In 2015-16, the service exports dropped by 7.14pc to $5.46bn.

The services sector has emerged as the main driver of economic growth. Its share has increased from 56pc in 2005-06 to 57.7pc of GDP in 2014-15.

Its major sub-sectors are finance and insurance, transport and storage, wholesale and retail trade, public administration and defence.

Pakistan has opened up its market to foreign service-providers, particularly in banking, insurance, telecommunications and retail areas.

The imports of services up 2.96pc to $9.12bn in 2016-17. On a monthly basis, it jumpepd 14.4pc to $850.96m in June.

Service imports dropped by 10.96pc to $7.87bn in 2015-16 against $8.843bn in the preceding year.

The trade deficit in services increased 4.89pc to $3.57bn in 2016-17 year-on-year. On a monthly basis, the trade deficit was 26.17pc to $407.67m in June as against $323.12m.

Pakistan’s share in the global trade in services stood at less than 0.06pc in 2016.

Published in Dawn, August 16th, 2017