Pakistan's services exports reach $2.844b in first half, Razak Dawood informed.

ISLAMABAD -- Advisor to Prime Minister on Commerce and Investment, Abdul Razak Dawood Friday held a consultative meeting at Ministry of Commerce to discuss Pakistan's global trade in services for the first half of the financial year (FY) 2020-21.

The advisor was informed that during the period July to December 2020, Pakistan's total export of services stood at USD 2.844 billion as compared to USD 2.835 billion during the same period in the previous year. He was also informed that the import of services declined by 15.7% to USD 3.821 billion during July to December 2020 as compared to July to December 2019.

He was informed that significant growth has been seen in Insurance and Pension services which grew by 21%, Financial Services by 26%, 'Telecommunication and ICT' services by 40% and Other Business Services (like Consultancies) by 2%. He was also informed that because of the COVID-19 pandemic, Travel and Transport Services exports were adversely affected, showing negative growth of 28% and 18% respectively. However, these sectors are likely to improve once the pandemic subsides.

Dawood noted with satisfaction that during the period July to December 2020, Pakistan's services exports have finally turned around and have started to show positive growth. He said that services play an important role in everyday life. They have a central place in both domestic and international economies and account for the bulk of global foreign direct investment (FDI) and trade. He said that services connect countries to the international trading system by facilitating supply chains and e-commerce.

He was of the view that the most significant increase in exports of services was in 'Telecommunication and ICT' services which increased by 40% to USD 958 million during July to December 2020 as compared to USD 684 million in the same period the previous...