ISLAMABAD: The export of services grew nearly three per cent in the first half of the current fiscal year from a year ago mainly driven by information technology.

The growth was achieved at a time when the exports of commodities continued to shrink for the past few months, according to the latest data compiled by the Pakistan Bureau of Statistics.

In absolute terms, the value of export of services reached $3.52 billion in July-December from $3.43bn in the corresponding months of last year.

In December, the export of services dipped by 3.16pc to $667.17m from $688.93m over the corresponding month of last year.

The export of services grew 17.20pc to $6.968bn in 2021-22 from $5.945bn in the preceding year.

The services export target was set at $10bn while commodities at $35bn for 2022-23. The highest-ever growth in IT-related services pushed up the overall export figure.

Services exports also include finance and insurance, transport and storage, wholesale and retail trade, public administration, and defence sectors.

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

The import of services posted a negative growth of 30.28pc to $3.88bn in July-December against $5.57bn in the corresponding period last year. Import of services in December fell by 44.45pc to $619.40m this year from $1.11bn over the last year.

Published in Dawn, February 8th, 2023