Export of services up 12pc in July

- Fine Photo

– Fine Photo

DAWN, ISLAMABAD, 12th SEPTEMBER 2013: Export of services recorded a growth of 12.26 per cent during the first month of the current fiscal year from a year ago.

The growth in export of services was mainly driven by substantial increase in exports of government services, suggested data compiled by the Pakistan Bureau of Statistics.

In absolute terms, export of services rose to $384.92 million in July 2013 as against $342.89m over the corresponding month of last year.

Last year, annual export of services reached to $6.618 billion in July-June period of 2012-13 compared with $5.035bn in the corresponding period last year.

The services sector has emerged the main driver of economic growth. The share of the services sector has increased from 56 pc of GDP in GDP in 2005-06 to 57.7pc in 2012-13.

Import of services dropped to $543.88m in July 2013 from $617.71m over the corresponding month of last year, reflecting a decline of 11.95pc.

Last year, import of services declined to $7.758bn in July-June period this fiscal year as against $8.227bn in the same period last year.

Services import, which decreased 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 increase in exports and decline in imports, trade deficit in services also narrowed down by 42.16pc to $158.96m in July 2013 from $274.82m in the corresponding month of last year.

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