Exports of services increased by 17% from July to March

PTI government announces several measures to increase services exports in Budget 22-2021.
According to the latest data released by the Federal Bureau of Statistics, exports of services increased by 17.07% in the first nine months of this year as compared to the previous year.

According to the Dawn newspaper, value-added services exports stood at 5. 5.15 billion in July-March 2021, compared to 4. 4.40 billion in the same period last year.

Exports of services increased by 20.19 per cent to 66 668.2 million in March from 55 556 million in March last year, however, exports of services increased by 24.93 per cent over the previous month.

Exports of services rose 9.19 percent to ڈالر 5.93 billion in fiscal year 2021 from 5. 5.43 billion a year earlier.

The highest growth in history in IT-related services boosted overall exports.

Exports of services include finance and insurance, transport and storage, wholesale and retail trade, public administration and defense.

The Commerce Ministry has set a service export target of 7. 7.5 billion for 2021-22.

The services sector has emerged as a key sector in the growth of the national economy, with its share of GDP increasing from 56% in 2005-06 to 61% in 2020-2016.

Read also: Trade deficit reaches ارب 28.82 billion during July-January, says Statistics Agency

Similarly, imports of services also increased by 31.33% to 8. 8.33 billion in July-March 2012-13, from 6. 6.34 billion in the same period last year.

Imports of services increased by 25.29 per cent to 93 932.1 million as compared to March last year, while exports of services were recorded at 12.87 per cent less than the previous month.

Imports of services fell 10.75 percent to 7. 7.8 billion in fiscal year 2021 from 8. 8.75 billion a year earlier.

The trade deficit for services increased 63.64 percent to 3. 3.17 billion in the first nine months of fiscal year 2022, compared to 1. 1.94 billion in the first nine months of fiscal year 2021.

The trade deficit widened by 40.37 per cent to کروڑ 263.8 million in March from 18 187.9 million in March last year.

The PTI government had announced several measures in Budget 22-2021 to increase exports of services, especially IT.