Services export witnesses growth of 33.86% in July-Jan 2009: Daily Times

KARACHI: The services trade deficit narrowed down by almost 38 percent in the first seven months of current fiscal year over the same period of previous year. The services deficit came to $2.470 billion in the period under review against $3.967 billion in the corresponding period of last fiscal, Federal Board of Revenue (FBR) reported Monday. Services export registered 33.86 percent growth to $2.161 billion in July-January 2009 period over $ 1.614 billion in the same period 2007-08. The imports of services decreased by 17.02 percent to $4.632 billion in the said period against $5.582 billion in the last fiscal. In month of January current fiscal, the service trade deficit reduced even greater by 75.58 percent to $164.075 million against $671.805 million in the same month of previous year. The growth in export of services during this particular month was 40 percent while the imports decreased by 46.71 percent in the same month of last year. The service sector comprises government services, travel services, transportation services, financial services, communication services, construction services, computer and information services, royalties and licenses. Despite having enormous potential, the growth and development of services sector in Pakistan has been quite negligible.

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