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ISLAMABAD: The export of services posted a growth of over seven per cent in May to reach $429.08 million, the Pakistan Bureau of Statistics reported on Thursday.

The export of services rebounded in April after witnessing a negative growth in March. During the July-May period of this fiscal year, foreign sales declined 7.9pc to $4.69 billion.

The services sector has emerged as the main driver of economic growth with its share in GDP rising 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.

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

Imports of services went up 4.98pc to $9.4bn in July-May. On a monthly basis, they dropped 7.4pc to $884.22m in May.

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

The trade deficit in services increased 21.9pc to $4.7bn in July-May on a yearly basis. However, it shrank to 17.86pc in May to $455.14m.

Published in Dawn, July 13th, 2018