Exports of services fall for third month

Pakistan’s export of services fell 13.50 per cent for the third consecutive month to $614.96 million in March from $710.94m over the corresponding month of last year, according to the data compiled by the Pakistan Bureau of Statistics. The export of services recorded positive growth during the first half of the current fiscal year, but it started contracting in January. The export of commodities has steadily declined since the beginning of the current fiscal year. The export of services posted a 4.75pc growth in the first nine months of the current fiscal year. In absolute terms, the value of export of services reached $5.53 billion in July-March from $5.27bn in the corresponding months of last year. The export of services grew 17.20pc to $6.968bn in 2021-22 from $5.945bn in the preceding year. The government has projected an overall export target of $45bn ($35bn commodities and $10bn of services) for 2022-23. The highest-ever growth in IT-related services pushed up the overall export figure. Services exports include finance and insurance, transport and storage, wholesale and retail trade, public administration, and defence, etc.