ISLAMABAD: According to the latest statistics issued by the Pakistan Bureau of Statistics(PBS), in the first eight months of the current fiscal year services exports increased by 18.17 pc compared to the same period last year.
In absolute terms, from July to February service exports totaled $4.49 billion, up from $3.80 billion in the same period the previous year. In February, exports increased 13.73 pc to $547.07 million, up from $481.02 million the previous month.
Exports of services grew 4.98 pc month over month.
Exports of services increased 9.19 pc years on year to $5.937 billion in FY21, up from $5.437 billion the previous year. The highest-ever export of IT services is driving the expansion, which also includes finance and insurance, transportation and storage, wholesale and retail commerce, public administration, and defense.
Services exports are expected to reach $7.5 billion in 2021-22, according to the commerce ministry. The services sector has emerged as the primary factor in economic development, increasing from 56 percent of GDP in 2005-06 to approximately 61 pc in 2020-21.
Services imports, on the other hand, in July and February increased by 39.20 pc to $7.08 billion compared to $5.08 billion in the same months the previous year.
In February, service imports increased by 25.34 pc to $831.01 million, up from $663.01 million the previous month. Imports of services grew at a negative rate of 17.40 pc month over month.
In July-June FY21, service imports were $7.812 billion, down 10.75 pc from $8.753 billion in the same months the previous year.
In July and February, the trade imbalance in services jumped by 101.25pc to $2.59 billion, compared to $1.28 billion in the same months the previous year. In February, the trade imbalance in services increased by 56.02 pc to $283.94 million, up from $181.99 million the previous month.