ISLAMABAD: The export of services posted a growth of 37.43 per cent year-on-year to $496.05 million in May, data compiled by the Pakistan Bureau of Statistics showed on Saturday.

After having contracted the previous year, export of services bounced back since January this year.

However, services exports in the July-May period of 2020-21 (11MFY21) grew by just 6.42pc to $5.385bn as against $5.06bn over the corresponding period last year.

After the imposition of lockdown in March 2020 to contain the Covid-19 pandemic, exports of services have been witnessing a declining trend.

On the other hand, services imports surged by 50.66pc to $583.20m in May from $387.09m in the corresponding month of FY20. The import bill of services declined by 15pc to $6.892bn in 11MFY21 against $8.109bn in the corresponding period last year.

The deficit in services also dipped by 50.55pc to $1.507bn in 11MFY21 against $3.048bn over the last year.

Published in Dawn, July 4th, 2021