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Service exports soar 55pc

Service exports soar 55pc

ISLAMABAD: Service exports witnessed a robust growth of over 54.36 per cent in May 2016 to $490.86 million from $317.99m in the corresponding month of last year, the Pakistan Bureau of Statistics (PBS) said on Monday.However, during the first 11 months (July-May 2015-16) , the service exports fell to $4.978bn from $5.477bn in the same period of last year.

Exports experienced a revival from April 2016 after witnessing a continuous decline in the preceding months of the fiscal year.

The service sector has emerged as a main driver of economic growth, with its share in the GDP increasing from 56pc in 2005-06 to 57.7pc in 2014-15.

Major sub-sectors include finance and insurance, transport and storage, wholesale and retail trade, public administration and defence.

Pakistan has opened up its market to foreign service providers, particularly in banking, insurance, telecommunications and retail.

Service imports dropped 9.68pc to $7.196bn in July-May 2015-16 from $7.967bn in the same period last year.

On a month-to-month basis, service imports shot up by 10.39pc to $774.27m in May 2016 from $701.42m over the corresponding month last year.

Sub-sectors that witnessed a decrease in imports include transportation, travel, communications, insurance services, financial services, computer and information services and other business services during the months under review over last year.

As a result of decline in imports, the trade deficit in services also declined by 10.93pc over the previous year to $2.217bn

Pakistan’s share in global trade in services stood at less than 0.06pc in 2015.

Courtesy : Dawn News



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