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Services export declines 44pc

Islamabad: Export of services witnessed a decline of 43.66 per cent in the first half of the current fiscal year from a year ago.

Export of services fell to $2.386 billion in July-Dec 2013 as against $4.236bn over the corresponding months of last year, suggested data compiled by the Pakistan Bureau of Statistics.

The decline is mainly driven by decrease in export of government services.

On a monthly basis, export of services witnessed a decline of 65.74pc in December 2013 over the same month last year.

Last year, annual export of services reached $6.618bn in July-June period of 2012-13 compared with $5.035bn in the corresponding period last year.

Services sector has emerged as main driver of economic growth. The share of services sector increased from 56pc of the GDP in 2005-06 to 57.7pc in 2012-13.

Major sub-sectors are finance and insurance, transport and storage, wholesale and retail trade, public administration and defence.

Import of services dropped to $3.769bn in July-December 2013 from $4.226bn over the corresponding months of last year, reflecting a decline of 10.80pc.

On a monthly basis, import of services increased by 15.26pc to $596.79m in December 2013 from $704.28m over the corresponding month of last year.

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