Export of services soars 32pc in March

ISLAMABAD: The export of services posted a growth of 31.72 per cent year-on-year to $563.95 million in March, showed data compiled by the Pakistan Bureau of Statistics.

After having contracted in the previous year, the export of services bounced back since January this year.

However, the service exports in July-March period of 2020-21 grew by just 0.61pc to $4.37bn as against $4.34bn over the corresponding period last year.

After imposition of lockdown in March 2020 to contain the spread of the pandemic, the export of services has been witnessing a declining trend since then. On the other hand, service imports surged by 16.08pc to $678.01m in March from $484.09m in the corresponding month last year.

The import bill of services declined by 20.42pc to $5.73bn in 9MFY21 against $7.20bn in the corresponding period last year.

The deficit in services also dipped by 52.37pc to $1.36m in 9MFY21 as against $2.86bn over the last year.