ISLAMABAD: Pakistan’s exports of services in January recorded a meagre growth of 3.8 per cent year-on-year to reach $411.5 million, the Pakistan Bureaus of Statistics (PBS) reported on Saturday.

Positive growth in services’ exports follows comes after a decline in the preceding month. The data show a rise of 4.7pc to $3 billion in July-January.

The services sector has emerged as the main driver of economic growth with its share of GDP increasing from 56pc in 2005-06 to 59.59pc in 2016-17.

Its major sub-sectors are finance and insurance, transport and storage, wholesale and retail trade, public administration and defence. The country has opened up its market to foreign service-providers, particularly in banking, insurance, telecommunications and retail areas.

Imports of services went up 7.4pc to $5.9bn in July-January. On a monthly basis, the imports in services dropped 1.6pc to $811.8m in January.

Services whose imports declined included transportation, travel, communications, insurance, financial, computer/information and other business services.

The trade deficit in services increased 10pc to $2.95bn in July-January on a year-on-year basis. Pakistan’s share in the global trade in services stood at less than 0.06pc in 2016.

Published in Dawn, March 11th, 2018