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Wednesday, September 28, 2022

Pakistan’s services exports increased by 17% to reach $5.15 billion in last 9 months

Pakistan’s Services exports climbed 17.07 percent in the first nine months of this fiscal year compared to the same period last year, according to the Pakistan Bureau of Statistics. Between July and March 2021-22, the value of services exports climbed to $5.15 billion, up from $4.40 billion in the same time last year.

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Services exports climbed by 20.19 percent to $668.29 million in March, up from $556.03 million the month before. Services exports, on the other hand, increased by 24.93 percent month over month. Exports of services increased by 9.19 percent to $5.937 billion in FY21, up from $5.437 billion the year before.

Overall export performance improved thanks to the highest-ever increase in IT-related services. Finance and insurance, transportation and storage, wholesale and retail trade, public administration, and defense are all examples of services exports. The trade ministry has set a target of $7.5 billion in services exports for 2021-22.

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The Pakistan’s services sector has overtaken manufacturing as the primary driver of economic growth, accounting for 61 percent of GDP in 2020-21, up from 56 percent in 2005-06. Services imports increased by 31.33 percent to $8.33 billion in the same year, up from $6.34 billion the year before.

In FY21, services imports declined 10.75 percent to $7.812 billion, down from $8.753 billion the year before. In 9MFY22, the trade deficit in services climbed by 63.64 percent to $3.17 billion, up from $1.94 billion the year before.

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Imports of Pakistan’s services increased by 25.29 percent in March to $932.15 million, up from $744 million in February. It rose at a negative rate of 12.87 percent month over month. The trade deficit increased by 40.37 percent in March, to $263.86 million, up from $187.97 million in February.

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