By Raza Khan

ISLAMABAD, Aug 4 (INP-WealthPK): Pakistan services exports were recorded $6.968 billion during the fiscal year 2021-22 with year- over-year (YoY) growth of 17.2%, the State Bank of Pakistan (SBP) reported.

According to provisional data of the central bank, exports of information technology (IT), business services, transport, government goods and services, and travel sectors were the major contributors among the services exports during 2021-22.

Pakistan services exports were recorded $5.945 billion during fiscal year 2020-21. During the month of June 2022, services exports increased by 11.76%, and rose to $646 million from $578 million during the corresponding month of 2021.

Kosar Ali Zaidi, Director General (Services) in the Ministry of Commerce, told WealthPK that the country’s services exports have increased significantly in recent months. He informed that Pakistan achieved 93% of the annual services exports target during last fiscal year which was a significant improvement.

Zaidi said that an increasing trend in services exports has been observed in 2021-22 which was a positive indication. “Activities in IT and e-commerce sectors in Pakistan are booming,” the DG added.
He informed that the Ministry of Commerce, with the collaboration of all relevant government and private institutions, through the National E-commerce Council, was devising a strategy to keep the momentum of IT exports and e-commerce in Pakistan.

According to data, IT sector has the major contribution among services exports with export volume of $2.616 billion during 2021-22, up by 24.1%. IT exports were recorded $2.108 billion during the preceding fiscal year.

With an increase of 13.6%, business services exports were registered $1.645 billion during FY22 against $1.448 billion during FY21.

Exports of government goods and services were recorded $1.08 billion during the period under review against $1.016 billion in 2020-21, with an addition of 6.3%.

Transport sector contributed $810 million in Pakistan’s services exports during last fiscal year against $544 million in preceding year, posting the significant growth of 48.9%.

The country’s exports of travel sector were recorded $541 million during the year under review against $501 million in the preceding year, up by 8%, the SBP reported.

Export volume of construction sector declined by 19% and reduced to $94 million in 2021-22 from $116 million during 2020-21.

Exports of insurance and pension services, and financial services dropped by 14.9% and 14.9%, respectively, during the year under review as compared to the preceding year.

In a month-wise comparison, IT exports rose to $235 million in June 2022 from $210 million in the corresponding month of last year, with an increase of 11.9%. With the growth of 57.77%, exports of transport services were recorded $71 million in June 2022 against $45 million during the corresponding month of 2020-21.

Pakistan’s imports of services were recorded $12.143 billion during 2021-22 as compared to $8.461 billion in the preceding year, up by 43.51%, the SBP reported.

Credits:Independent News Pakistan—Wealthpk