Exports of services up 6.39pc in 1MFY22

Exports of services increased by 6.39 per cent to $483 million in the first month of the current fiscal year (FY22) as against $454m over the corresponding period last year, according to a report by Dawn that analysed Pakistan Bureau of Statistics (PBS) data.

On a month-on-month basis, exports of services dipped by 14.51 per cent.

In the outgoing fiscal year, the exports of services increased by 9.19pc to $5.937 billion in FY21 compared to $5.437bn during the same period of FY20.

The growth in services exports is mainly led by the highest-ever export of IT services. Services exports also include finance and insurance, transport and storage, wholesale and retail trade, public administration and defence sectors. The Ministry of Commerce has set a $7.5bn target of services exports for 2021-22.

On the other hand, services imports fell 7.02pc to $715 million in July 2021 against $769m over the corresponding month of last year.

The trade deficit in services sector has declined by 26.35pc to $232m in July against $315m over the corresponding month of last year.