Services exports down 0.23pc

ISLAMABAD: The export of services edged lower by 0.23 per cent year-on-year to $416 million in November 2018, from $416.97m in corresponding period last year, Pakistan Bureau of Statistics said on Monday.

However, between July-November, export proceeds went up 1.39pc to $2.17bn year-on-year.

On the other hand, imports of services dipped 17.33pc to $3.6bn in 5MFY19, from $4.35bn over corresponding months last year while declining 23.18pc year-on-year to $749m in November 2018.

Meanwhile, trade deficit plunged 35.4pc to $1.43bn during the five months as against $2.21bn over same period last year. Similarly, in November 2018, trade deficit in services dipped 40.33pc to $333m on a yearly basis.

The services sector has emerged as the main driver of economic growth with its share in GDP increased from 56pc in 2005-06 to nearly 59pc in 2017-18. Its major sub-sectors are finance and insurance, transport and storage, wholesale and retail trade, public administration and defence.

Pakistan has opened up its market to foreign service-providers, particularly in banking, insurance, telecommunications and retail areas