Services exports fall 10pc in Sept

KARACHI: Exports of services declined 10.02 percent year-on-year to $422 million in September, official data showed.

Exports of services amounted to $469 million during the same month last year.

Import of services decreased 24.63 percent to $609 million in September over the same month a year earlier.

In July-September, trade deficit in services shrank 26.52 percent to $937.65 million. It stood at $1.276 billion in the corresponding quarter last year.

The services sector has emerged as the main driver of economic growth with its share to GDP having increased to 59.59 percent in 2016/17 from 56 percent in 2005/06. Its major sub-sectors are finance and insurance, transport and storage, wholesale and retail trade, public administration and defence.