Shoaib Rathore
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Export proceeds went up to $2.822bn in July-December 2014-15 from $2.427bn in the corresponding period of last year.
ISLAMABAD: Pakistan’s export of services witnessed a growth of 16.24 per cent in the first half of this fiscal year from a year ago.
Export proceeds went up to $2.822bn in July-December 2014-15 from $2.427bn in the corresponding period of last year, showed data released by Pakistan Bureau of Statistics (PBS) on Wednesday.
In November 2014, export of services witnessed a negative growth, but rebounded in December 2014, recording a growth of 2.44pc over the corresponding month of last year.
The services sector has emerged as main driver of economic growth. The share of services sector increased from 56pc of GDP in 2005-06 to 57.7pc in 2013-14.
Major sub-sectors are finance and insurance, transport and storage, wholesale and retail trade, public administration and defence.
Pakistan has opened up its market to foreign service providers, particularly in banking, insurance, telecommunications, retail and some other sectors.
Import of services witnessed a growth of 2.09pc to $4.017bn in July-December 2014 from $3.934bn over the corresponding months of last year.
On monthly basis, 1.77pc growth was witnessed in import of services in December 2014 over the same month last year.
In 2013-14, import of services dropped to $7.795bn from $8.205bn over the previous year, reflecting a decline of 4.99pc.
As a result of increase in exports, trade deficit in services also declined by 20.70pc to $1.194bn in July-December 2014 from $1.506bn in the previous year.
Pakistan’s share in global trade in services stood at less than 0.06pc in 2013-14, while its share in the domestic GDP posted a substantial increase. The low share of Pakistan’s trade in services in global trade is because that most of the services produced are non-tradable.
Services’ export witnesses growth - Newspaper - DAWN.COM
