Export of services has hiked up 18.17 percent during the first eight months of the present fiscal year from a year ago, as per the latest data disclosed by the Pakistan Bureau of Statistics (PBS).
In absolute terms, the PBS statistics said that the value of export of services has reached $4.49 billion between July-February from $3.80 billion over the corresponding months of last year.
The exports also showed an increase of 13.73 percent to $547.07 million in February as compared to $481.02 million over the corresponding month of last year.
Moreover, exports of services grew 4.98 percent on a month-on-month basis.
Read more: Services exports up 22.94% to $2.72 billion in 5MFY22
During FY21, the export of services climbed 9.19 percent year-on-year to $5.937 billion as compared to $5.437 billion during the same period a year ago.
PBS reported that the growth is mostly led by the highest-ever export of IT services which also comprise transport and storage, wholesale and retail trade, finance and insurance, public administration, and defense sectors.
The commerce ministry, however, projected a $7.5 billion target for services exports for 2021-22.
Meanwhile, the services sector has appeared as the main source of economic growth as its contribution to GDP increased from 56 percent in 2005-06 to nearly 61 percent in 2020-21.
On contrary, services imports have reached $7.08 billion in July and February as compared to $5.08 billion over the corresponding months a year ago, showing an increase of 39.20 percent.
In the month of February, the imports of services increased 25.34 percent to $831.01 million compared to $663.01 million over the consistent month of last year. On a monthly basis, the imports of services showed a negative growth of 17.40 percent.
Furthermore, in FY21, the imports of services touched $7.812 billion in July-June FY21 dropping by 10.75 percent from $8.753 billion over the corresponding months last year.
