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Exports of services have increased by 20%

ISLAMABAD: Data released by the Pakistan Bureau of Statistics on Monday indicated that service exports increased by more than 20.24 percent in the first half of the current fiscal year compared to the same period last year.

In absolute terms, the value of service exports increased to $3.414 billion between July and December 2021, up from $2.840 billion in the same period previous year.

On a monthly basis, exports of services grew by 7.51pc to $674.05m in December against $626.99m over the corresponding month last year.

Also read: Sri Lanka’s FTA exports to Pakistan are worth $75 million, according to the country’s trade minister.

On a month-on-month basis, exports of services increased by 7.55pc.

The service sector mainly refers to construction, computer and software development, engineering services, professional services (marketing, audit, taxation and legal), banking, insurance, communication, tourism and business services.

In FY21, the export of services increased 9.19pc year-on-year to $5.937bn in FY21 compared to $5.437bn during the same period last year.

The growth in the export of services is mainly led by the highest-ever export of IT services. Exports also include finance and insurance, transport and storage, wholesale and retail trade, public administration and defence sectors.

The commerce ministry has projected services export target of $7.5bn for 2021-22.

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