ISLAMABAD: Exports of services increased by 6.39 per cent to $483 million in the first month of the current fiscal year (FY22) as against $454m over the corresponding period last year, Pakistan Bureau of Statistics (PBS) reported on Saturday.

On a month-on-month basis, exports of services dipped by 14.51 per cent.

In the outgoing fiscal year, the exports of services increased by 9.19pc to $5.937 billion in FY21 compared to $5.437bn during the same period of FY20.

The growth in services exports is mainly led by the highest-ever export of IT services. Services exports also include unance and insurance, transport and storage, wholesale and retail trade, public administration anddefence sectors. The Ministry of Commerce has set a $7.5bn target of services exports for 2021-22.

The services sector has emerged as the main driver of economic growth as its share in the GDP increased from 56pc in 2005-06 to nearly 59pc in 2017-18.

On the other hand, services imports fell 7.02pc to $715 million in July 2021 against $769m over the corresponding month of last year.

In FY21, the import o services dipped by 10.75pc to $7.812bn in July-June FY21 from $8.753bn over the correspondingperiod oflast year.

The trade deficit in services sector has declined by 26.35pc to $232m in July against $315m over the corresponding month of last year.

The trade deficit in services sector has declined by 43.45pc to $1.875bn in July-June FY21 against $3.315bn over the corresponding period of FY20.