ISLAMABAD: The export of services grew 5.8 per cent in the second month of 2018-19, the Pakistan Bureau of Statistics stated on Monday.

The services exports revived in August to $452.03 million after negative growth in July. In 2MFY19, the export proceeds rose 2.4pc to $858.25m.

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.

Contrary to this, imports of services dropped 8.65pc to $1.62bn in July-August as against $1.77bn over the corresponding month of last year.

Meanwhile, imports of services in August shrank 19pc year-on-year to $715.12m. The total imports of services in FY18 went up 4.88pc to hit $10.4bn.

Imports of transportation, travel, communications, insurance, financial, computer/information and other business services declined.

Trade deficit in July-August fell by 18.56pc to $761.74m as against $935.3m in the same period last year whereas in FY18, the negative trade balance in services had surged 19.18pc to $5.2bn.

Published in Dawn, October 16th, 2018