A year on year growth of around 56pc was witnessed in Pakistan’s export of services which reached $694.99m by the end of March this financial year. These statistics were released by the Pakistan Bureau of Statistics (PBS) on Thursday. The first nine months of the FY 2016-17 saw a positive increase in the export of services, and export services registered an increase of 5.82pc to $4.3b in the period mentioned above. The services sector has been a major contributor to economic growth and it saw its share increasing to 57.7pc in 2014-15 from 56pc a decade ago.
Transport and storage, finance and insurance, wholesale and retail trade along with public administration and defense form the major sub-sectors of the services sector. Service imports registered an upward tick of 2.98pc to reach $6.299b in the first nine months of FY 2016-17. Service imports in 2015-16 had recorded a decrease of 10.96pc to $7.87b from the previous year when it stood at $8.843b. 2.74pc decrease was registered in trade of services during the period of July-March 2016-17 in comparison to a year ago.