ISLAMABAD: Export of services grew 17.07 per cent in the first nine months of the current fiscal year from a year ago, according to the latest data released by the Pakistan Bureau of Statistics on Saturday.

In absolute terms, the value of export of services reached $5.15bn between July-March 2021-22 from $4.40bn over the corresponding months of last year.

Year-on-year, the export of services grew by 20.19pc to $668.29m in March against $556.03m in the same month last year. However, on a month-on-month basis, export of services increased 24.93pc.

The export of services increased 9.19pc to $5.937bn in FY21 compared to $5.437bn in the preceding year.

The highest-ever growth in IT related services pushed up the the overall export figure. 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 at $7.5bn for 2021-22.

The services sector has emerged as the main economic growth driver by contributing 61pc to GDP in 2020-21 from 56pc in 2005-06.

Simultaneously, the import of services also rose 31.33pc to $8.33bn in July-March period of 2021-22 against $6.34bn in the corresponding months last year.

The import of services grew 25.29pc to $932.15m in March against $744m in the same month last year. On a month-on-month basis, it posted a negative growth of 12.87pc.

The import of services fell 10.75pc to $7.812bn in FY21 from $8.753bn in the preceding year.

The trade deficit in services increased by 63.64pc to $3.17bn in 9MFY22 against $1.94bn in 9MFY21. In March, the trade deficit widened by 40.37pc to $263.86m from $187.97m in the same month last year.

The PTI government announced several measures in the budget 2021-22 for the promotion of export of services, especially information technology.

Published in Dawn, May 8th, 2022