ISLAMABAD: Services export recorded an impressive growth of 50.64 per cent during the first seven months of this fiscal year.

In absolute terms, the export of services rose to $4.530 billion in July-January period of 2012-13 compared with $3bn in the corresponding period last year, suggested data compiled by Pakistan Bureau of Statistics.

The growth export was mainly driven by travel, construction, insurance, computer and information services, government and businesses services.

On a monthly basis, the export of services witnessed a marginal growth of 8.23pc in January 2013 over the corresponding month of last year.

Export proceeds from services sector stood at $4.949bn in 2011-12 as against $5.767 billion over the preceding year.

The services sector contributes over 53 per cent to GDP. Major sub-sectors are finance and insurance, transport and storage, wholesale and retail trade, public administration and defence.

Pakistan has opened up its market to foreign services providers particularly in banking, insurance, telecommunication, retail and some other sectors.

The import of services however dropped 4.61 per cent to $4.455bn in July-January period this fiscal year as against $4.67bn in the same period last year.

Even on a monthly basis, the import of services dipped by 14.12 per cent in January 2013 over the corresponding month last year.

The services import, which decreased includes transportation, travel, communication, insurance services, financial services, royalties and license, computer and information services and other business services during the months under review over the last year.

In 2011-12, the import of services was up by 3.30pc to $7.962bn as against $7.707bn over the previous year.

As a result of increase in exports and decline in imports, the trade deficit in services also narrowed down by 104.5pc to $74.86m in July-Jan period this fiscal year from $1.663bn in the corresponding period of last year.