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In just five months, service exports have increased by 22.94 percent

ISLAMABAD: According to the Pakistan Bureau of Statistics (PBS), service exports from Pakistan increased by 22.94 percent in the first five months of fiscal year 2021/22 compared to the same time the previous year.

Services exports totaled $2720.94 million in July-November 2021/22, up 22.94 percent from $2213.16 million in July-November 2020/21.

Imports of services increased by 34.27 percent during the period under review, rising from $3012.18 million last year to $4044.42 million.

Also read: Pakistan’s government wants to increase exports to $57 billion by 2025

On a year-on-year basis, the services’ exports during the month of November 2021 grew by 15.41 per cent to $582.93 million against the exports of $505.12 million during November 2020.

The imports also grew by 50.19 per cent from $554.03 million in last November to $832.09 million in November 2021, the data revealed.

On a month-on-month basis, the exports from the country increased by 6.4 per cent when compared to the exports of $547.88 million in October 2021. On the other hand, the imports decreased by 3.48 per cent, compared to the imports of $862.09 million in October 2021, the data revealed.

Meanwhile, the merchandise exports from the country during the first half of the current financial year expanded by 24.71 per cent, compared with the exports of the corresponding period of last year.

During the period from July-December 2020/21, merchandise exports from the country were recorded at $15.102 billion, compared to the exports of $12.110 billion in the same period of last year.

On the other hand, the imports into the country also registered about 65.94 per cent growth and went up from $24.454 billion in July-December, 2020 to $40.580 billion during July-December 2021.

Meanwhile, exports from the country on a year-on-year basis registered about 15.81 per cent growth in December 2021, compared to the exports of the corresponding month of last year.

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The exports reached $2.740 billion in December 2021 as compared to the exports of $2.336 billion in the corresponding month of last year.

On a month-on-month basis, exports from the country decreased by 5.55 per cent in December 2021 as the country fetched $2.740 billion by exporting different goods and commodities against the exports of $2.901 billion during November 2021.

The imports into the country were registered at $7.579 billion during December 2021, compared to $7.899 billion during November 2021, the data revealed.

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