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Export of services up 8pc

Export of services up 8pc

ISLAMABAD: The export of services jumped by 8.08 per cent to $446.05 million in April, from $412.69m in same month last year, the Pakistan Bureau of Statistics reported.

Between July-April, the export proceeds posted a paltry growth of 1.70pc to $4.453 billion year-on-year.

The services sector has emerged as the main driver of economic growth with its share in GDP increased from 56pc in 2005-06 to nearly 59pc in 2017-18. Its major sub-sectors are finance and insurance, transport and storage, wholesale and retail trade, public administration and defence.

On the other hand, the import of services clocked in at $7.669bn in July-April, down 18.58pc, from $9.42 billion over corresponding months of last year.

On a monthly basis, the imports of services declined 21.74pc year-on-year to $887.17m.

Meanwhile, trade deficit in services dipped 36.2pc to $3.216bn in July-April, as against $5.041 billion over corresponding period last year.

In April, trade deficit in services recorded a decrease of 38.82pc to $441.12m on a yearly basis.