Pakistan’s services exports grow by 20 per cent in current fiscal

Pakistan’s services exports grow by 20 per cent in current fiscal

ISLAMABAD (INP): Pakistan’s services exports have increased by 20% to reach $3.414 billion during the first six months (July-December) of the current fiscal year 2021-22 compared with the same period of last year.
According to the data shared with WealthPK by the ministry of commerce, information technology, government goods and services, transport, travel and business services remained key sectors among services exports during the said period.
The volume of services exports recorded $2.84 billion during the first half of the last fiscal year 2020-21.
Kausar Ali Zaidi, director general (services) at the ministry of commerce, told WealthPK that Pakistan’s services exports are on track despite negative growth in few sectors in December. “Exports of construction, travel, business and financial services dropped by 71%, 4%, 10%, and 45%, respectively, in December,” Zaidi said.
However, he added that overall exports of services in first six months are substantial.
Zaidi said the government has set $7.5 billion services export target for the current fiscal year. “The target can be achieved as the government expects services exports to get momentum during the second half of this fiscal year,” the DG said.
According to the data, exports of IT services grew significantly by 36% during the July-December period to reach $1.301 billion from $959 million during the same period of last fiscal year.
Business services exports posted a growth of 14% to reach $792 million during the first six months of current fiscal against $692 million during the same period of last year.
Exports of government goods and services also rose to $528 million during the months under review from $510 million in the same period of last year, showing a 3% growth.
Exports of travel services posted a growth of 26% to reach $282 million in July-December this fiscal year, rising from $224 million during the same period of last year.
The volume of transport services’ exports was $365.98 million in July-December with 18% growth over the same period of last fiscal year.
Financial services exports grew by 9% to reach $47.97 million during the said period against $44 million worth of exports in the first of half of 2020-21.
A decline of 12% was observed in exports of insurance and pension services as their export value dropped to $20.18 million from $23 million, the data available with WealthPK shows.
Exports of construction services registered a negative growth of 8% during the period under review with their export value standing at $60 million.
In month-wise review, the services exports rose to $674.05 in December of current fiscal year from $626.99 million in the same month of last year, showing an increase of 8%.
Minister for Information Technology Aminul Haque said IT export target for the current fiscal year has been set at $3.5 billion.
In a recent statement, the minister said that the government was extending facilities to the IT industry to achieve the export target.

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