ISLAMABAD: Export of services posted a growth of over 20.24 per cent in the first half of the current fiscal year from a year ago, showed data released by the Pakistan Bureau of Statistics on Monday.

In absolute terms, the value of export of services reached $3.414bn between July-December 2021 from $2.840bn over the corresponding months of last year.

On a monthly basis, exports of services grew by 7.51pc to $674.05m in December against $626.99m over the corresponding month last year.

On a month-on-month basis, exports of services increased by 7.55pc.

The service sector mainly refers to construction, computer and software development, engineering services, professional services (marketing, audit, taxation and legal), banking, insurance, communication, tourism and business services.

In FY21, the export of services increased 9.19pc year-on-year to $5.937bn in FY21 compared to $5.437bn during the same period last year.

The growth in the export of services is mainly led by the highest-ever export of IT services. Exports also include finance and insurance, transport and storage, wholesale and retail trade, public administration and defence sectors.

The commerce ministry has projected services export target of $7.5bn for 2021-22.

Published in Dawn, February 8th, 2022