Service exports dip 5pc to $2.77bn


ISLAMABAD: Service exports declined by 5.37 per cent to $2.767 billion during the first half (July-December) of 2015-16 from $2.924bn in the same period last year, Pakistan Bureau of Statistics data showed on Monday.

In December 2015, exports fell by 14.29pc to $396 million from $462m in the same month last year.

The service sector has emerged as the main driver of economic growth. 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 the banking, insurance, telecommunications and retail sectors.

Service imports dipped by 14.31pc to $3.783bn in July-December 2015-16 from $4.415bn in the same period last year. Imports fell by 2.12pc year-on-year in December 2015.

Trade deficit also declined by 31.81pc to $1.016bn from $1.490bn in July-December 2014-15.

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