ISLAMABAD: Services exports dipped by over 14.6 per cent year-on-year to $414.97 million in April from $486.08m, data relea­sed by the Pakistan Bureau of Statistics (PBS) showed on Friday.

Services exports have fallen since March after the government imposed a lockdown across the country to contain the pandemic.

During July-April, services exports fell by 7.6pc to $4.668 billion, as against $5.052bn over the corresponding months last year, the PBS data showed.

On the other hand, services imports also fell to $7.285bn in July-April, from $8.982bn in same month last year, reflecting a decline of 18.89pc.

In April, import of services fell by 36.98pc to $584.9m on a yearly basis.

As a result, the trade deficit in services also narrowed by 33.41pc to $2.617bn in 10MFY20 as against $3.929bn over the same period last year.

The services sector has emerged as the main driver of economic growth with its share in the GDP increasing from 56pc in 2005-06 to 61.4pc in 2019-20.

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

Published in Dawn, June 6th, 2020

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Afghan turbulence
Updated 19 Mar, 2024

Afghan turbulence

RELATIONS between the newly formed government and Afghanistan’s de facto Taliban rulers have begun on an...
In disarray
19 Mar, 2024

In disarray

IT is clear that there is some bad blood within the PTI’s ranks. Ever since the PTI lost a key battle over ...
Festering wound
19 Mar, 2024

Festering wound

PROTESTS unfolded once more in Gwadar, this time against the alleged enforced disappearances of two young men, who...
Defining extremism
Updated 18 Mar, 2024

Defining extremism

Redefining extremism may well be the first step to clamping down on advocacy for Palestine.
Climate in focus
18 Mar, 2024

Climate in focus

IN a welcome order by the Supreme Court, the new government has been tasked with providing a report on actions taken...
Growing rabies concern
18 Mar, 2024

Growing rabies concern

DOG-BITE is an old problem in Pakistan. Amid a surfeit of public health challenges, rabies now seems poised to ...