KARACHI: The exports of services remained under pressure in September 2018, which declined 10.02 percent to $422 million compared with $469 million in the same month last year, official data suggests.
Import of services also witnessed decline in September 2018 clocking in at $609 million, down 24.63 percent to $808.03 million in September 2017.
The services trade deficit in first quarter of the currency fiscal year (July-September) shrank 26.52 percent to $937.65 million as compared with the deficit of $1.276 billion in the corresponding period last year.
The services sector has emerged as the main driver of economic growth with its share in GDP increasing from 56 percent in 2005-06 to 59.59 percent in 2016-17.
Its major sub-sectors are finance and insurance, transport and storage, wholesale and retail trade, public administration and defense.
Pakistan has opened up its market to foreign service-providers, particularly in banking, insurance, telecommunications and retail areas.
Pakistan’s share in the global trade in services stood at less than 0.06 percent in 2016 while its share in GDP has posted a substantial increase.
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