Exports of services up 6.39pc in first month of FY22

Published September 5, 2021
On a month-on-month basis, exports of services dipped by 14.51 per cent. — AP/File
On a month-on-month basis, exports of services dipped by 14.51 per cent. — AP/File

ISLAMABAD: Exports of services increased by 6.39 per cent to $483 million in the first month of the current fiscal year (FY22) as against $454m over the corresponding period last year, Pakistan Bureau of Statistics (PBS) reported on Saturday.

On a month-on-month basis, exports of services dipped by 14.51 per cent.

In the outgoing fiscal year, the exports of services increased by 9.19pc to $5.937 billion in FY21 compared to $5.437bn during the same period of FY20.

The growth in services exports is mainly led by the highest-ever export of IT services. Services exports also include finance and insurance, transport and storage, wholesale and retail trade, public administration and defence sectors. The Ministry of Commerce has set a $7.5bn target of services exports for 2021-22.

The services sector has emerged as the main driver of economic growth as its share in the GDP increased from 56pc in 2005-06 to nearly 59pc in 2017-18.

On the other hand, services imports fell 7.02pc to $715 million in July 2021 against $769m over the corresponding month of last year.

In FY21, the import of services dipped by 10.75pc to $7.812bn in July-June FY21 from $8.753bn over the corresponding period of last year.

The trade deficit in services sector has declined by 26.35pc to $232m in July against $315m over the corresponding month of last year.

The trade deficit in services sector has declined by 43.45pc to $1.875bn in July-June FY21 against $3.315bn over the corresponding period of FY20.

Published in Dawn, September 5th, 2021

Opinion

Editorial

18 May, 2022

SC on defections

THE judgement is monumental and will significantly influence Pakistani politics for years to come. After a nearly...
18 May, 2022

Karachi blast

THE frequency of urban terrorism incidents over the past few weeks in Karachi should send alarm bells ringing within...
18 May, 2022

Threats to Imran Khan

IT seems there is never a dull moment in Imran Khan’s life. First, it was a cabal of local and international...
Updated 17 May, 2022

Buyer’s remorse

It is strange to hear senior PML-N leaders lamenting the subsidies, yet not even coming up with a subsidy rationalisation plan.
17 May, 2022

Sikh traders’ killing

THE brutal murder of two Sikh traders in the outskirts of Peshawar on Sunday illustrates the vulnerability of...
17 May, 2022

Cholera outbreak

REPORTS of rising cases of cholera and acute watery diarrhoea in several areas are raising the spectre of a public...