ISLAMABAD: Export of services recorded a robust growth of 31.46 per cent during the outgoing fiscal year (2012-13) 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 $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 56pc of GDP in GDP in 2005-06 to 57.7pc in 2012-13.
The growth in exports of services was largely driven by increase in remittances received by foreign missions in Pakistan, increase in receipts through international bodies, increase in earnings of Pakistan diplomatic mission abroad and in other government services.
Other services, export of which witnessed increase include—communication services, computer and information services, other business services, personal, culture and recreation services.
On a monthly basis, export of services witnessed a growth of 8.55pc in June 2013 over the corresponding month of last year. This reflects that export of services rebounded after witnessing a slight negative growth in the past couple of months.
Export proceeds from services sector stood at $4.949bn in 2011-12 as against $5.767bn over the preceding year. Services sector contributes over 57.7pc to GDP. Major sub-sectors are finance and insurance, transport and storage, wholesale and retail trade, public administration and defence.
Pakistan has opened up its banking, insurance, telecommunications, retail and some other sectors to the foreign service providers.
Import of services dropped 5.70pc to $7.758bn in July-June period this fiscal year as against $8.227bn in the same period last year. On a monthly basis, import of services witnessed a decline by 31.51pc in June 2013 over the corresponding month 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.
In 2011-12, import of services was up by 3.30pc to $7.962bn as against $7.707bn over the previous year.
As a result of increase in exports and decline in imports, trade deficit in services also narrowed down by 64.31pc to $1.139 bn in July-June period this fiscal year from $3.192bn in the corresponding period of last year.
On monthly basis, deficit in services witnessed a decrease of 72.19pc to $118.65 million in June 2013 as against $426.66m over the corresponding month last year.
